MAJOR RENOVATION ACTIVITY HIGHEST IN TWO YEARS. HIA

Major renovations activity posted a 1.8 per cent rise in the March 2011 quarter to reach an annual worth of $6.91 billion, the highest in two years.

“Major renovations have started 2011 on a brighter note. Australians are increasingly looking to improve their existing homes rather than face the mounting transaction costs and new housing taxes and charges they will incur if they trade-up to another property or build a new home,” said Harley Dale.