Living in Sydney you get a lot of perks, beautiful beaches, a one-of-a-kind harbour, a bustling city and the list goes on. But you do get one huge disadvantage, everything is ridiculously expensive! So I must say, I was shocked to hear that the cost of renovating your home in NSW, is actually less than the national average. Finally, something goes our way!
The Renovation Consumer Price Index (RCPI), a quarterly report released by ServiceSeeking.com.au, found the cost of renovating in NSW has increased by 2.5% year-on-year compared to the national average of 3.8%. Analysing 52,000 quotes submitted by tradesman on the website, the latest RCPI compared the cost of renovating in the fourth quarter of 2015’s financial year versus the prior year.
While renovation costs for NSW homeowners have increased, average hourly rates remain 1% lower than the nation’s average ($59.77/hr vs. $60.56/hr). “Other states are in the grip of an even greater skills shortage than New South Wales,” says CEO of ServiceSeeking.com.au, Jeremy Levitt. “For example, Western Australia and Victoria”.
To support the release of the RCPI, ServiceSeeking.com.au has created an interactive map that plots price changes across 10 popular renovation services in New South Wales year on year (check it out here). “We believe the current shortage of skilled tradesman has resulted in price increases across most renovation industries,” explains Jeremy. “The interactive map highlights the effect of this by industry.”
However, there are still plenty of renovation bargains still to be had, the largest savings were found in flooring services, which fell 15% quarter-on-quarter. Concreters dropped their prices by 7%, while hiring an electrician and plumber became cheaper by 2% and 1% respectively.
With more than 1.7 million jobs listed on ServiceSeeking.com.au to date and over 6 million quotes compared, the company’s latest findings provide a strong indication of renovation costs around Australia.