Renovate Out of Recession
February 7th 2009 01:43
The $20 billion a year renovation industry in Australia could be a major key in kick starting the economy, according to Archicentre, the building advisory service of the Australian Institute of Architects.
Robert Caulfield, Managing Director of Archicentre said with interest rates expected to be cut this next week to an all time low, tradespeople looking for new work in a highly competitive market, and the Australian dollar down, there has never been a better time to renovate and use Australian products.
"We believe it is important for the Federal Government to consider The Renovation Factor - especially encouraging the use of Australian products which are first quality.
"The important factor about renovation projects is that they can be started more quickly than new housing, which can be bogged down in the planning system for years as developers wait for land, whilst time is of the essence for Australia's economic recovery."
Mr Caulfield said renovations present an opportunity to invest in the family home improving both its value and the quality of life tax free rather than spend $50,000 to $60,000 to move including government taxes and charges.
"Renovations range in size providing jobs for smaller to larger builders and flow onto many areas, apart from building materials, such as furniture, electrical goods, carpets, fixtures and fittings and landscaping."
Mr. Caulfield said that renovation could also be used to lift the environmental quality of Australian housing stock to include energy and water saving devices, a major part of the Federal Government's Climate Change policy.
Information from Archicentre
Robert Caulfield, Managing Director of Archicentre said with interest rates expected to be cut this next week to an all time low, tradespeople looking for new work in a highly competitive market, and the Australian dollar down, there has never been a better time to renovate and use Australian products.
"We believe it is important for the Federal Government to consider The Renovation Factor - especially encouraging the use of Australian products which are first quality.
"The important factor about renovation projects is that they can be started more quickly than new housing, which can be bogged down in the planning system for years as developers wait for land, whilst time is of the essence for Australia's economic recovery."
Mr Caulfield said renovations present an opportunity to invest in the family home improving both its value and the quality of life tax free rather than spend $50,000 to $60,000 to move including government taxes and charges.
"Renovations range in size providing jobs for smaller to larger builders and flow onto many areas, apart from building materials, such as furniture, electrical goods, carpets, fixtures and fittings and landscaping."
Mr. Caulfield said that renovation could also be used to lift the environmental quality of Australian housing stock to include energy and water saving devices, a major part of the Federal Government's Climate Change policy.
Information from Archicentre
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