Renovations slide as rates rise
The rate of home renovations is slipping as interest rates rise.
The Reserve Bank of Australia on Tuesday again hiked the nation’s cash rate, this time by 0.25 points to a nine-year high of 2.6 per cent.
The increase is the sixth consecutive since the RBA started lifting rates in May this year.
As property prices slip backwards, due in part to higher interest rates, renovating is a method for improving value.
But the ambition of adding more space or modernization is tempering, as the cost of a renovation blows out, hand-in-hand with cash rate increases, and builders and traditions…Continue Reading