Renovation boom

Renovation boom

Posted on Tuesday, November 06 2012 at 9:07 AM

When it comes to where retail buyers are putting their money, renovations topped the list for the September quarter, according to CommSec chief economist Craig James.

Renovations were booming ahead
in the September quarter as real spending on hardware, building and garden
supplies surged by 4.9 per cent, the largest gain across the retail sector,
James says.

“Aussie homeowners were either
sprucing up their homes for sale over September or they were just looking to
make themselves more comfortable. But whatever the motivation, spending at
hardware and outdoor supply outlets posted the largest quarterly gain in 5.5
years,” he says.

“Hardware and garden outlets
appear the big winners in the current environment. And that certainly lines up
with recent data on building approvals showing renovation approvals at record
highs in trend terms.”

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