‘This indicates that there is not enough money and resources being attracted to expanding the housing stock,’ urban economist says
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New private residential construction is at its lowest level for almost four decades but spending on renovations has boomed, according to a new analysis.
The report by KPMG found that new private residential construction spending per capita is at its lowest level since 1987-88, as renovation spending surged from 34.2% of total residential construction spend in 2018-19 to 40% in 2023-24.