People did not spend as much on renovating their homes in the September quarter of the year as they did in the three previous months, figures have shown.
National Accounts statistics show that less money was also spent on new housing and extending existing properties in Australia.
Housing Industry Association senior economist Andrew Harvey asserted that this outcome was not unexpected due to a number of changes that have taken place over the year.
He said that this decrease in expenditure on housing was the result of the decline in home lending and the increase of interest rates.
"In terms of the broader economy … it is hoped the weak September quarter gross domestic product growth is just a pothole," Mr Harvey added.
People in Western Australia looking to make changes to their homes should make sure that the buildings are not state-registered heritage properties, API Magazine has suggested.
This is because the rules and punishments surrounding the demolition or damage of these properties has been tightened.
Posted by Craig Francis
