Renovation projects will add $44bn to Australia’s construction industry in five years

By Addie Thomes

Australia’s construction industry will benefit from a boom in renovation projects over the next five years, according to a new report by Master Builders Australia.

Last year saw the beginning of a surge in alterations and additions (renovations) work for residential builders, reaching a value of $8.3bn, the highest seen for 10 years.

Matthew Pollock, Maser Builders Australia’s National Manager of Economics, said: “Importantly it has provided a much needed lifeline for small building businesses outside of Melbourne and Sydney who have seen the new housing construction side of their businesses struggle in the last few years.”

See also:

Much of the new building boom has been centred on the likes of Sydney and Melbourne, Australia’s two most expensive cities for real estate. However, something of a reverse has been highlighted by Master Builders Australia’s research.

Pollock added: “We expect growth to be strongest in South Australia, Western Australia and Queensland, which is great news for our members in those states who have been doing it tough.”

The study, Building and Construction Industry Forecasts, is available to purchase or free to access for members of Master Builders Australia, the country’s major construction trade association which represents the interests of 32,000 members.

Share

Featured Articles

How India is bucking the global dealmaking downturn

M&A deal volume and value reach record highs in India in 2022, despite slower dealmaking globally – as scope activity and acquisitions in renewables surge

Create C-suite space for the Chief Transformation Officer

Responsible for driving growth and change, the Chief Transformation Officer is the latest addition to the C-suite as business undergoes major change

12 AI predictions for the enterprise in 2023 – Dataiku

With 2023 likely to be a huge year for AI, experts from AI platform provider Dataiku deliver their enterprise AI and ML trends for the year ahead

Welcome to the new breed of private members' clubs

Leadership & Strategy

Welcome to the New Age of the CISO

Leadership & Strategy

Making the UAE the world’s strongest digital fortress

Technology