‘This indicates that there is not enough money and resources being attracted to expanding the housing stock,’ urban economist says

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.

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