2024 was a busy year for Addbuild – we were delighted to complete a wide array of projects for our clients with results that we were all happy with.
In 2024, we also took more time to record and share feedback from our clients, figuring that other Sydnesiders looking to expand their home would find the homeowner’s side of the experience just as interesting as hearing from us as designer and builder.
As well as helping to add useful information to our website and social media via video interviews, featured projects and client testimonials, this feedback allowed us to ‘sense-check’ and back up our hunches about the emerging trends of 2024.
Rental Market Driving Home Renovation
In recent years, we’ve written about how Sydneysiders were using a major renovation to create multi-generational homes – a general trend that saw a young family with kids expanding their home to welcome parents, usually so that they could look after them as they aged.
What we saw in 2024 was almost the reverse: older parents – retired or close to retirement – approaching Addbuild to expand their home to accommodate usually a son or daughter and their young family.
The cause: a rental market that was pricing many people out, and, because of rising rents, uncertainty of tenure.
Families with young kids want to settle, get to know and be part of a neighbourhood, and be sure that the kids can go to the same school for a number of consecutive years.
For the older parents expanding their home, there’s been the added benefit of being closer to their grandkids, and for the young parents, having extra help looking after the kids by people they can completely trust.
Moving Not an Option
The continued strength of the home buying market was another driver of home renovations.
More than one family approaching Addbuild had investigated selling their home to buy something bigger, but found that high prices and limited stock meant that they were spending hours looking and not getting anywhere.
Once they had factored in the costs of moving, with stamp duty an ever-increasing chunk as home prices rise, it also made financial sense to expand the home they were in, and see the cost of building offset by the increased value of their home.
Home Office – A Change in Emphasis
With more people returning to work from their company’s office, the home office is not as big a focal point as it was immediately during and after COVID.
However, many people are still working at least part of the week from home, and they haven’t forgotten the distractions of too many people at home working without separation.
So, we are seeing larger bedrooms for kids to enable space to study, as well as rooms being created or turned into small home offices, plus study or office ‘nooks’ being carefully placed in quieter areas of the home.
Energy Saving Measures
With energy bills looking set to remain high, homeowners are taking the opportunity of a major renovation to include ways to save money by reducing their paid-for energy consumption.
This takes a number of different forms, be that the use of thermally efficient building materials, using double glazing, or installing solar for energy and hot water generation.
Linking a solar system to a home battery is also more common than before, especially as people move back to the office and reduce the need for power during daylight hours.
Looking to Add Space in 2025?
As one of Sydney’s leading home renovation companies, Addbuild has a wealth of ideas and information to share. We’ve been in business since 1980 because we remain passionate about helping Sydney homeowners realise their dream of creating their forever home.
If you are thinking about expanding your home with a major renovation, we’d love to hear from you and share our experience.
Call our office on (02) 8765 1555 or send us a message using our contact form if outside of office hours.
Still researching? Have a look at our blog, consumer guide to home improvement and masterclass to get further ideas about every aspect of renovating your home.
