News
7 September, 2024
Drive-in living spaces grow
Homeowners are turning their garages into living spaces as part of a renovation revolution, largely driven by the rental crisis.
As material costs level out and more owners prepare to borrow, despite high interest rates, renovations are edging back into vogue.
Kitchen and outdoor space upgrades, as well as garage overhauls, are some of the trends builders are seeing in 2024.
GBC Homes owner John Howarth said he had completed a number of renovations, with popular trends including installing extra bathrooms and upgrading kitchens and outdoor areas.
“People are doing a variety of renovations, whether that be to bathrooms, kitchens, or laundries, or outdoor upgrades like entertainment areas, decks, patios, pergolas,” he said.
“Another thing that has become more prevalent over the last few years is people looking to convert their double garages back into living spaces.
“This is because some have adult children who have nowhere to live due to the rental crisis and all that sort of stuff. Plus, granny flats are becoming popular again.”
Owner of Hazelden Realty, Tamara Hazelden, said extra and high-quality bathrooms were a must for growing families.
“The three-bedroom aspect doesn’t matter too much, but it’s about having that second bathroom space and room for kids to run,” she said.
“For older homeowners, they are more focused on their comfort, so that’s having a kitchen that works practically for their retirement, having that patio area so they can entertain their families, and the space to have big Christmas feasts.”
She added that there was greater local confidence in building and renovating, leading to most local tradies being booked out weeks or months in advance.
“Building a new dwelling has a lower confidence rate because of the costs of materials in general, but there’s still strong confidence in renovations because people are still seeing capital rising from renovating,” Tamara said.
“There are more renovations happening where people are extending their homes because it is oft en a much cheaper option than purchasing land and building property.”
John said the strong population growth was also driving demand.
“There are still 1,000 people moving to Southeast Queensland a week, which has generated a lot of work, and they are coming from all over Australia,” he said.
Tamara added that homes on the lower end of the market—worth up to $650,000—were being renovated at a faster rate, with owners confident that any improvements to their investment would not cause over-capitalisation.
