According to the latest reports, New Zealanders in Auckland are opting for cheaper renovations. Yes, they are. In one of the lands where evolution is the watchword, it seems that the population is not very keen on structural changes and improvements. Why is that? The numbers speak for themselves, but we have decided to analyse the situation in more detail. For this reason, we will dedicate our mini guide to this particular case study. So, if you are ready, we can get started!
Let’s start with purely mathematical data. In what terms can we say that in Auckland, restructuring is no longer a reason for New Zealanders to spend money? According to what has been found, the value of the work required to upgrade their homes is much lower than last year. This is a drop of more than 10% and should make people think. And although the situation is not homogeneous throughout the country, the fact remains that, in general, the decline persists.
In order to fully understand the scale of the phenomenon, a regional analysis must be carried out. As we have said, the situation is very diverse.
The decline is particularly evident in Auckland and Canterbury, where the whole economic sector used in restructuring seems to be in decline. Perhaps because these are the two main cities, or simply because of a random matter. In the other regions, the situation is less obvious.
Even in some areas, such as Waikato, work has increased.
Logically, the main causes are mostly economic. But that is not all. In the secondary regions, 70% of the population is made up of young Millennials, who have little interest in investing in home alterations. (often rented).
Wellington is another area where people are more proactive in terms of structural change.
But how come in Canterbury and Auckland the works have suffered this big drop? It’s no surprise. The main motivation, in addition to the various hypotheses mentioned above, lies in the crisis in the post-earthquake sector, which has led many people to adapt. Simple repair work was carried out.
But what will be the future situation in this macro area ? We do not have certain news, considering both the vastness of the nation but also the various regional typologies present, of which we have previously spoken. What is certain is that New Zealand remains one of the most advanced nations in terms of new constructions. It is therefore more likely that new buildings will be more appreciated than potential (apparently less expensive) renovations. A more medium to long term vision, compared to the contingency, which seems to have abandoned the smart mentality of New Zealanders.
For the rest, we assure you that we will stay up to date on the subject!
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