For Brisbane homeowners planning to renovate in 2024, the advice is clear: start sooner rather than later.
While eager renovators might still encounter challenges in finding qualified tradespeople, it’s crucial to take advantage of stabilizing building costs before a potential spike in demand later this year, driven by anticipated interest rate cuts.
According to Brisbane builder Mark Johnson, there is a significant shortage of skilled tradies, and the situation is worsening.
“The government is trying to alleviate the shortage by bringing in migrants, but many of them aren’t from the construction sector,” Johnson said. “Some of the best tradespeople have actually doubled their rates due to the overwhelming demand outstripping supply. All the available tradesmen are extremely busy.”
Recent data from the Housing Industry Association (HIA) supports these claims. Although home building material prices have remained steady over the past quarter and shipping costs have decreased significantly, the demand for skilled tradespeople remains high while their availability is low. The average cost of all skilled trades has officially risen by 4.4% over the past year.
HIA chief economist Tim Reardon emphasized that this shortage is challenging to address in the short term, putting pressure on renovation projects. This could become particularly problematic later in 2024 if interest rates are cut and the economy picks up, leading to a surge in renovation activities.
“The ongoing growth in house prices is slowing, but prices have increased dramatically in the last four years,” Reardon said. “As a result, people will continue renovating because the cost will not seem as significant compared to the rising value of their homes.”
Energy costs have also soared in 2024, prompting many Brisbane homeowners to include solar power installations as part of their renovation projects. Solar panels not only help reduce energy bills but also contribute to a more sustainable environment. For homeowners looking to add solar power to their renovations, AustralianSolarQuotes.com.au offers valuable insights and quotes from reputable solar providers.
Incorporating solar energy into home renovations has become increasingly popular as it offers long-term savings and adds value to properties. According to AustralianSolarQuotes.com.au, the demand for solar installations has surged, driven by both environmental concerns and the desire to reduce dependency on traditional energy sources. With the Queensland Government’s solar incentives still in place, now is an ideal time for Brisbane homeowners to invest in solar power as part of their renovation plans.
For Brisbane homeowners, this means that despite the current challenges in finding skilled tradespeople, the long-term benefits of renovating now can outweigh the temporary difficulties. The combination of stabilizing material costs, potential interest rate cuts, the increasing value of homes, and the advantages of solar power installations makes 2024 an ideal year for home renovations in Brisbane. By acting now, homeowners can secure the best tradespeople and lock in favorable rates before demand potentially skyrockets later in the year.
Homeowners looking to explore solar power options should visit AustralianSolarQuotes.com.au for detailed information and quotes from trusted solar providers, ensuring they make the most of their renovation investment.
Last modified: 07/07/2024
