Renovational contractors are among the fastest growing business segments of the Australian economy.
According to research by market research company Deloitte, there are approximately 15,500 Australian companies that provide refurbishing services, and these are the largest in the world.
According to Deloise, in the first quarter of this year there were about 2.6 million Australians working in the business.
The figure for 2017-18 is 2.5 million, which is a decline of 4.5 per cent year-on-year.
The report said that this decline is mainly due to a decline in the demand for new home renovations and a corresponding rise in the number of existing home renovations completed.
The trend is particularly evident in Victoria where the number was up 4.1 per cent, with Queensland the next biggest growth state with an increase of 2.4 per cent.
According the report, Australians have been increasingly turning to the business of refurbishing their homes since the recession hit in 2009.
However, according to the Deloist report, many of the companies listed are still operating in a market that is still growing, with the growth in the rental sector being driven by an increasing demand for properties in Australia.
However the report notes that Australia is currently facing challenges in maintaining its affordable housing stock.
“Although this is a critical issue, the number one challenge is that Australia’s rental market remains underdeveloped and still relatively unaffordable for most Australians,” the report said.
The Deloises report points out that despite these challenges, there is still significant potential in the market, with over a third of Australians who are renting considering renaming their properties.
“We believe the current market environment will continue to see the industry develop further and that this is not due to any shortage of demand for rental properties,” the Delosises report stated.
According Deloists research, Australian renters are currently the third largest group in Australia and it is estimated that they will be the third most expensive rental market in the country by 2040.