Federal Budget Reaction - Archicentre

The Great Australian Dream will Survive

Archicentre, the building advisory service of the Australian Institute of Architects, today urged Australians to maintain their faith in the Great Australian Dream of home ownership.

In a reaction to the Federal Budget, Archicentre said the retention of the first home buyers grants at both Federal and State levels would assist maintain employment in the industry through the difficult times ahead.

Robert Caulfield

Robert Caulfield, Managing Director of Archicentre said home ownership not only underpinned the economic status of the housing industry but needed to be seen as a long term investment in social and health infrastructure for Australian families.

Mr Caulfield said, "despite the tough economic conditions ahead there were a number of fundamentals underpinning the value of the Australian property market including strong demand and historically low interest rates."

Archicentre has seen an 18% jump in its pre purchase house inspections in the first quarter of 2009 when compared with the last quarter of 2008.

"The number of home loans for owner-occupied housing jumped to a 13-month high of 59,793 in March showing the strength of our housing market currently."

Mr. Caulfield said the Great Australian Dream has also sparked the Great Australian Renovation where Australians are investing at increasing levels in their homes.

Annually about 80,000 Australian households conduct major renovations averaging about $90,000-$100,000 per renovation. The total value of home renovations in Australia in 2008 was over $7 billion

Mr Caulfield said that renovations, unlike new home starts which can take several months to start, are usually 'Hammer Ready' and can be started quickly.

"Importantly renovations of Australia's existing housing stock can provide a return to the community by improving housing sustainability in the form of environmental design and the introduction of water and energy saving products to support national environmental policies.

"The vast majority - 75% of homeowners and builders, have said that their primary renovation need is for the retrofitting of homes with Environmentally Sustainable Designs (ESDs) and a range of energy-savings measures and technologies.

"Renovations are also labour intensive. Of the total renovations costs, materials account for 46%, labour 33%, and fees (consultants, levies, permits and General Sales Tax) make up the balance 21%."

www.archicentre.com.au

Media Enquiries:
Robert Caulfield, Managing Director, Archicentre Mobile: 0412 381 306
Ron Smith Corporate Media Communications (03) 9818 5700 Mobile: 0417 329 201

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Federal Budget Reaction - Archicentre The Great Australian Dream will Survive

Federal Budget Reaction - Archicentre

The Great Australian Dream will Survive