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Home renovating becomes a $1.5 billion industry

Statistics New Zealand figures reveal we spent $1.5b on renovating houses last year, up 60% from $940 million in 2012. And the number of homes being renovated jumped nearly 30 per cent in the past three years.

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“People like the location they are in but need more space so investing in their existing property stacks up,” says the CEO of the Certified Builders Association, Grant Florence.

 

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"We are seeing a lot more renovations because people are afraid if they sell they won't be able to get back in,” says property advisor John Bolton from mortgage service Squirrel. “They renovate rather than move.”

Squirrel has been busy processing renovation loans ranging from $60,000 to $1.1m.
"People don't renovate to make money, they do it so they can enjoy living there," says Bolton.

Last year, 5,277 Auckland homes had significant renovations to the tune of an estimated $661m. In 2012, 4,455 renovations were undertaken to the value of $387m. But although Auckland has been in the spotlight, other parts of New Zealand have been undertaking renovation work to maximise the value of their properties.

 

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“Throughout New Zealand, we’ve had clients renovating their homes to optimise their lifestyles as well as maximise their valuations,” says Pzazz Building’s Managing Director, Russell Poole. “It’s all about lifestyle, as much as valuation.”

 

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