Following the year of the global financial crisis, Australians are expecting another year of economic uncertainty. Due to the large downturn in 2009, the cost of many products and services within the building industry has increased.
With this in mind add interest rates, the costs of moving, estimated to be around $50,000 – $60,000 for the average move when property taxes and expenses are added, and you will find that Australian homeowners will be more likely to renovate their existing properties in 2010, rather than purchase new.
In a recent online poll conducted by Archicentre, Australia’s largest initiator of home renovations, it was established that of over 540 home owners 74.6% had intentions of renovating their current residence over the next two years, with only 14.6% planning to purchase a new property.
Reasoning for this include the improvement of lifestyle at a lower cost and the increase of value in superannuation and retirement strategies.
The important lesson to learn from the above information is to ensure that in 2010 you make your business and service more flexible and adaptable. Pay attention to the market and focus your efforts according to the demands of this market. Be open to change if this will ensure that you and your business survive the times of economic uncertainty.
Commenting is closed for this article.