After blocking the Reno binge in May, Victoria will spend $279 million: ABS

Victorians have received more lockdowns than any other state, and received the most home renovation approvals in May.

High-spending homeowners in Melbourne’s wealthy inner east and the Mornington Peninsula helped fuel the nearly $280 million lockdown construction boom in Victoria.

Families in Point Nepean, Albert Park, and Malvern-Glen Iris are the largest consumers in the state. In the 11 months to May, homeowners spent between US$46.3 million and US$61.8 million on home upgrades.

According to data from the Australian Bureau of Statistics analyzed by Ray White economist Nerida Conisbee, the state approved $279.4 million in house renovation and alteration projects in May, with an average of $106,916 per project.

related: Smart renovation strategies can help create wealth in Australia’s real estate boom

Dotti Fashion Group Manager Deanna Moylan lists the renovated South Yarra family home

Victoria’s leading house approval rate in May: ABS statistics

Woman drawing at home

Last year, the State of Victoria approved approximately 29,700 house additions or alterations.

In the year to May, 29,700 jobs were approved, and about 2,600 jobs were cancelled in May alone.

Despite entering the fourth Covid-19 lockdown period on May 27, the state is still the best performing state in the United States in terms of overall approvals.

Nerida Conisbee, chief economist at Ray White, said the Victorian lockdown led to a 20% increase in the number of DIY and home improvement jobs by businessmen across the state last year.

BN IOD general decoration picture couple hanging lights in their new home

In May alone, more than $279 million in projects in Victoria were approved.

She said that for those who find themselves trapped inside and want to maximize space or comfort without the pressure of moving, refurbishment is a viable option.

“People are trapped at home, they watch everything more closely; they want more space, they have spare money,” Ms. Cornishby said.

“Compared with buying a new house, adding a new kitchen or bathroom is much more cost-effective.

“Even a fairly small renovation can significantly improve the livability of a house, and it is difficult to overinvest because the price has soared so much.”

Renovation at home-the person who prepares the paint for the second coat

Ray White chief economist Nerida Conisbee said that because of the lockdown, people spend more time at home and want to make the space more comfortable.

Last year, more than 116,000 housing renovation and addition projects were signed nationwide, the highest record in 12 months.

According to ABS data, the total value of projects approved nationwide in May was close to $1b.

The data came as the Victorian State Builders Association confirmed on Monday that a positive case of Covid-19 had been detected in the state’s construction industry.

Real estate home magazine provided: HIA Home Show-general architectural photos, kitchens, contractors

Renovation is also a good choice for homeowners who want to make the most of their home space without having to move.

Later last week, after an infected consultant engineer visited the company’s three CBD workplaces, a Multiplex site was under outbreak management by the Ministry of Health.

Employees of the West Gate Tunnel project remained vigilant after a V/line worker visited the site on Thursday and subsequently tested positive.

After an active naval officer returned a positive test result, several Lendlease workplaces in HMAS Cerberus were also declared exposed.

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In May, Australia approved housing renovation and expansion projects worth nearly US$100 million.

MBV CEO Rebecca Casson stated that there is almost no risk of cross-contamination at the Multiplex and West Gate project sites. Once contact tracing is completed, the Lendlease site is expected to be cleaned up and resumed work later today.

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more: You can buy a house in Victoria for less than US$100,000

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