Demand for tradesmen is set to rise over the next 12 months, according to a National Australia Bank (NAB) survey.
According to the survey, 68 per cent of Australians plan to renovate their property over the next twelve months and will do so on an average budget of $25,000.
Increasing the value of the property and making it more liveable were the main reasons given for renovating.
Cabinet makers, kitchen specialists, tilers and plumbers will also be glad to hear that over half of those planning renovations intend to upgrade a bathroom or kitchen.
Whether all homeowners who plan to renovate will actually carry out the projects might be a different story.
NAB has said that 72 per cent of those surveyed have been putting of their renovations because of financial constraints in the past and on average have postponed them for about 18 months.
However, Dean Pearson, NAB Head of Industry Analysis, is confident NAB’s figures will prevail:
"People have been cautious about their spending and keeping a close eye on their household budgets in recent years,” he said.
"Despite rising consumer anxiety as fears over job security continue to grow, our research suggests that they are becoming more keen to renovate their homes.”
"With house prices growing across most markets (with particularly strong growth in Sydney and Melbourne) home owners are becoming more confident about investing in their single greatest asset.”
"We've also seen that the number of people looking to build new homes rise sharply over the past year which is great news for tradies as they will become a lot busier over the next 12 months," Pearson said.
