 Renovate in 2009
For consumers who may not be able to afford to move house, home renovations are the next best thing. Due to the current unstable economic climate, many home owners are choosing not to sell up and buy elsewhere, rather renovate their existing property.
Cheaper fixtures such as floor coverings are proving popular, as are more extensive works such as ensuites and extra bedrooms.
Brisbane real-estate agent Peter Stucco of REMax has noticed an increase in home owners wanting to renovate.
"In a downturn like this, people see it as more economical than buying something at the next level,'' he said. "They think, 'Why not stay put and just do it ourselves?'
"I definitely believe we are going to see more of it.'' Government grants are available for home renovations which may be tempting people to stay put and make improvements to their home.
Data analyst Cameron Kusher agrees that the doubling of the Federal Government's first home buyers grant and falling interest rates, should leave extra cash for home improvements.
The top end of the market is feeling the most desperate, while the lower ends of the market is strong, as home buyers seek a bargain, perhaps a home where they can see potential. Those entering the market for the first time are increasingly inquiring about those "renovator's dream" properties.
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