Home renovations have hit a record high, sealing 2018 as the Year of the Reno for Aussie families. Latest ABS data shows that private investment in alterations and additions reached to a historic high of $9.896 billion in the September Quarter, 11% higher than a year ago.

“Australia’s home renovations sector enjoyed its busiest quarter in 14 years during the three months to September 2018,” says MBA Chief Economist Shane Garrett.

He says all signs are pointing to this figure rising further, with many families deciding to renovate their existing home rather than relocate to new ones. “Australia’s home renovations industry may be an unintended beneficiary of the tougher lending policies,” he says.

“Looking further out, we are almost certain to see further gains for home renovations. More detached houses were built in late 1980s Australia than at any time before or since. More and more of these will be begging for major renovations work in the coming years.”