Inspired by low interest rates and reality television shows, Brisbane home owners are revamping their homes in record numbers, according to new data.
Domain Group data sourced from ABS showed more than $766 million was spent on Brisbane renovations in 2015, a yearly increase of 9.2 per cent.
Brisbane’s most renovated suburb was Paddington-Milton, where residents forked out $22.6 million over the year.
Close behind was nearby Ashgrove, which also broke through $22 million.
Domain Group senior economist Andrew Wilson said Brisbane had experienced an inner-city renewal.
“The inner city renovation obsession shows it is cherry ripe for the picking right now,” Dr Wilson said.
“It shows a focal point for renewal in the inner north east.”
Dr Wilson said low interest rates and reality TV shows had driven more people to redevelop.
“Of course low interest rates have been a key driver for people, with more people borrowing to renovate,” he said.
“There is also a growing popularity of reality TV shows, which has driven an interest in craft – Brisbane is now more culturally in tune with renovations.”
Place Estate Agents Paddington agent Michael Ford said the area had renovations “everywhere”.
“The majority that we have found are owner-occupiers upgrading,” he said.
“However, there are a few properties for sale that have been restored with the purpose of being sold.”
He said there is strong demand older homes which offer renovation opportunities.
“Most renovations are substantial too, with a lot of demand for the finished product.”
Coorparoo residents spent the third most on renovations with $16,758,000.
New Farm and Bardon were the fourth and fifth most renovated, most having spent more than $14 million in upgrades.