UPDATE: What the rise in hourly rates means for renovators

Worried that your favourite tradie will be hiking up their hourly rates this year? Stay ahead of the game with these insights from ServiceSeeking.com.au

When it comes to renovating, there’s one word that strikes fear into the hearts of even the most seasoned house flipper. That word? Cost.

We’ve all heard the horror stories. Whether it’s your next-door neighbours’ sisters best friend who ended up paying more than twice what she should have for her light fixtures or that guy at work who drastically underestimated how much it would cost to renovate the 1960’s bathroom in his new home, renovations and how much they’ll cost is a topic that needs to be seriously and carefully considered well before the first fall of the sledgehammer.

The solution? Knowing your market and finding the right team for the job from the get-go.

After recent, nation-wide fluctuations, ServiceSeeking.com.au crunched the numbers to find out just how much bang renovators are getting for their buck, across the different states of Australia.

The initial news may seem grim; hourly rates for renovation work have increased by 3.9% on average when compared to the same time last year.* It isn’t all bad however. The price increases are linked directly to specific trades, in specific locations.

ServiceSeeking.com.au found the top 3 hotspots with the biggest annual increases in hourly rates were:

– Tilers in Queensland +51% ($59.93 per hour)
– Builders in South Australia +29% ($77.76 per hour)
– Carpenters in South Australia +26% ($65.50 per hour)

Conversely, if you’re keen on hiring a tiler in South Australia or a painter in W.A, you’re in luck, with both trades seeing a decrease in quoted rates, down 30% and 15% respectively.

You can find out more about where your state is sitting by checking out the insight reports on ServiceSeeking.com.au or the 2017 Tradie Rich List.

What does that mean for the renovator? These insights are super valuable in a number of ways:

1. Awareness – You gotta know your enemy (so to speak). There is nothing worse than being completely blindsided by a quote or hourly rate that comes in far, far higher than you expected. By using these insights and the data collected by websites like ServiceSeeking.com.au, you’re able to create a more accurate estimate right from the very beginning of your project. You’re also able to gauge whether the quote you’re being given is accurate and on par with the average rate, higher or in some cases lower (which isn’t always a good thing, be aware of the low ball quote!)
2. Research – These findings highlight again the need for comprehensive research for any reno project, be it big or small. To find the best team, you need to put in the time not only assessing price but previous work and the bang you’re getting for your buck.
3. Timing – If you’re tossing up between projects and realise that currently, painters in your state are charging an absolute mint, feed that info into your decision-making process. Does your other project require a painter? Could you do that first, utilising a trade that hasn’t experienced a mega fluctuation and return to the painting at a later date? Knowledge is power, especially when it comes to juggling budgets, expectations and big ideas!