Forty percent home boost for October

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Locals spend over $12M on new homes

THE local housing market is continuing to boom, but it’s not just the millions of dollars being spent on building new homes, residents are also investing millions in renovations or additions to their homes.

In October this year, council’s building permits were recorded at 44 for new dwellings which comes to an estimated cost of $12,193,360. When comparing that with October 2017, where 25 new dwellings were recorded coming to an estimated cost of $7,145,808, it shows that this year has seen a 40 percent increase in new dwellings built in the month of October alone when comparing it to last year.

But local residents are also pumping big dollars into upgrading or adding to their homes with 70 dwelling additions/outbuildings/swimming pools/restumps/demolitions recorded in the month of October this year coming to an estimated cost of $1,562,621.

If we look at the past four months, from July 1 this year to October, 115 new dwellings permits were issued coming to an estimated cost of $38,192,462 and even though in the 2017 year for the same period there were 118 new dwellings permits issued, it came to a lower estimated cost of $33,804,517.

Also looking at the same period for additions/outbuildings/swimming pools/restumps/demolitions, there were 222 recorded coming at an estimated cost of $5,967,630.