The data shows Melbourne has experienced price hikes across the renovation sector, compared to the national average price increase of 3.9 per cent. The report’s findings come as a demand for home renovations outstrips the supply of tradespeople across Melbourne in areas including building and construction, and carpentry.
The Renovation Consumer Price Index report, released by ServiceSeeking.com.au, examined the latest prices of home renovation from Q4 2015.
Jeremy Levitt, Service Seeking Chief Executive Officer, said that “looking at the interactive map, the excess demand can be seen in the price increases of 8 of the 10 renovation trades and services”.
Mr Levitt also added that the property boom in parts of Melbourne was causing a price inflation across the board.
Luckily, there was some relief. Both flooring and landscaping costs have decreased since last year, with flooring now a significant 12.7 per cent cheaper at an average cost of $29.33/mÂ².
There is an interactive map that plots price changes across 10 popular renovation services in Melbourne year on year. You can view it online here.