Sydney is in the midst of a renovation boom, according to the Master Builders Australia.
The Australian Bureau of Statistics says the value of large alterations in development applications rose 11 per cent last year to $2.24 million in NSW.
Overall, the Master Builders Association estimates that $10 billion of renovations will take place in NSW in 2011.
MBA executive director, Brian Seidler, was reported in the Sydney Morning Herald: ''That's certainly an increase on last year and it's steadily increasing. And compared with the new home construction, which is at 1950s levels, the renovation market is well out in front.''
The Herald also reports that the number of properties being offered for auction is a long way down on last year levels, with seller confidence is low.It meant the cost of renovation work was surging.
