According to a new report from the Housing Industry Association , Australians are demanding bigger kitchens and bathrooms. The new report predicts the value of `K&B' installations and renovations will hit a record $12 billion by 2012.
The HIA Kitchens and Bathrooms Report for 2009/10 found the past financial year was tough for the K&B industry. In value terms, the kitchen industry was worth $5.6 billion in 2008/09, which represented a fall of 5.1%.
"Despite evidence to suggest that detached houses in Australia may be gradually declining in size, there has been a clear trend towards larger kitchens in Australia for some time now," said HIA Chief Economist Dr Harley Dale.
The report predicts the value of kitchens will rise to almost $6 billion in 2009/10 and almost $7 billion by 2011/12.
"The intense competition amongst kitchen installers is likely to see the trend towards better quality kitchens continue for the foreseeable future," Harley Dale said.
The bathroom industry also suffered last financial year. The report found it was worth $3.9 billion in 2008/09, which represents a 6% contraction from a year earlier.
"Fortunately, the worst appears over, and 2009/10 is expected to feature a lift in housing starts as well as overall renovations activity, which is good news for bathroom installations," he said.
The value of the industry is expected to climb by 25% - that's over $1 billion - over the next three years.
By 2011/12 Australians will be spending almost $4.9 billion on bathroom renovations alone.
The report showed that the most popular components replaced in a bathroom makeover were basins, vanity units, tap ware, and tiling. There was also a large increase in semi-frameless shower screens, multiple basins and multiple showerheads compared to previous surveys.
If you need owner builder finance or a construction loan for your home renovation, speak to a mortgage broker from Intellichoice today.
The HIA Kitchens and Bathrooms Report for 2009/10 found the past financial year was tough for the K&B industry. In value terms, the kitchen industry was worth $5.6 billion in 2008/09, which represented a fall of 5.1%.
"Despite evidence to suggest that detached houses in Australia may be gradually declining in size, there has been a clear trend towards larger kitchens in Australia for some time now," said HIA Chief Economist Dr Harley Dale.
The report predicts the value of kitchens will rise to almost $6 billion in 2009/10 and almost $7 billion by 2011/12.
"The intense competition amongst kitchen installers is likely to see the trend towards better quality kitchens continue for the foreseeable future," Harley Dale said.
The bathroom industry also suffered last financial year. The report found it was worth $3.9 billion in 2008/09, which represents a 6% contraction from a year earlier.
"Fortunately, the worst appears over, and 2009/10 is expected to feature a lift in housing starts as well as overall renovations activity, which is good news for bathroom installations," he said.
The value of the industry is expected to climb by 25% - that's over $1 billion - over the next three years.
By 2011/12 Australians will be spending almost $4.9 billion on bathroom renovations alone.
The report showed that the most popular components replaced in a bathroom makeover were basins, vanity units, tap ware, and tiling. There was also a large increase in semi-frameless shower screens, multiple basins and multiple showerheads compared to previous surveys.
If you need owner builder finance or a construction loan for your home renovation, speak to a mortgage broker from Intellichoice today.
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