In fear of the goods and services tax arriving July next year, many people have been rushing in to renovate and extend homes before getting hit with a 10% increase.
All this hype is happening even though it is predicted that there will only be a six to eight per cent increase to renovation costs.
I believe as the post Olympic boom eases next year renovation costs could drop dramatically.
Many people are reporting that they have been quoted ridiculous pricing from trades persons due to the high demand and there very short supply at present.
We are an economy of wanting everything now, and with technology growing at such a pace we are able in most cases to get it right now.
My suggestion would be for everyone to be a little bit patient and wait till things settle down, reason being the prices you are getting quoted in most cases for renovations now, will properly be more expensive than when the GST Tax arrives in July next year.
Property prices are starting to level out at present due to the abundance of property for sale.
Notice how I did not say an oversupply, reason being that is not the case at present with the market still reporting a strong buyer inquiry. I attended an auction on Saturday the 6th of Nov in Powell St, Killara watching a property go $500,000 over it's reserve.