Australia looks set to benefit from a surge in renovation projects to the tune of $35bn between now and 2023.
The nation’s construction industry, worth around $173bn a year, will benefit from a boom in regenerative projects over the next five years, according to a new report by Master Builders Australia.
Last year saw the beginning of this growth in alterations and additions (renovations) work for residential builders. Over the course of 2017, these works reached a value of $6.6bn, the highest seen for 10 years.
Matthew Pollock, Maser Builders Australia’s National Manager of Economics, said: “Importantly it has provided a much needed lifeline for small building businesses outside of Melbourne and Sydney who have seen the new housing construction side of their businesses struggle in the last few years.”
While much of Australia’s new build projects have been centred on Sydney and Melbourne, Master Builders Australia’s research shows a reversal in this trend.
Pollock added: “We expect growth to be strongest in South Australia, Western Australia and Queensland, which is great news for our members in those states who have been doing it tough.”
The study, Building and Construction Industry Forecasts, is available to purchase or free to access for members of Master Builders Australia, the country’s major construction trade association which represents the interests of 32,000 members.