Prestige Housing Market

Domain says “with the prestige mkt still struggling, big-budget renovations come with added risk. Councils around Australia approved almost $550 million worth of renovations in December alone, an increase of more than 20 per cent on the same period seven years ago, figures from the Housing Industry Association show. In NSW, the average cost of a renovation is now $71,336, according to the Department of Planning. In Sydney, still Australia’s most expensive city, these costs are certain to be higher still – in the most exclusive suburbs, renovations costing millions are common.”