Victorians continue to shell out more on home improvements than any other state, data from the Australian Bureau of Statistics (ABS) has revealed.
According to the ABS, Victorians spent more than $1.66 billion last year on their homes, while NSW residents spent $1.62 billion and Queensland and Western Australia spent $630 million each.
While Sydney has traditionally led the field in terms of home improvements, BIS Shrapnel’s building and construction senior manager Jason Anderson said the gap between Sydney and Melbourne had been closing over the last five years, with Melbourne finally eclipsing the NSW capital city last year.
According to Mr Anderson, the renovations market is currently doing very well on the back of the strong housing market.
“First home buyers who bought older properties six months ago are now moving to renovate them,” he told The Australian.
And investors living within 10km of the city were improving properties before selling them while the market was still strong.