HIA: Shrinkflation Hits Kitchen and Bathrooms

HIA has released the HIA Kitchen and Bathrooms Report 2023-24 and one of the main findings is that the size of a typical bathroom has fallen as home renovators and builders scale back their renovation ambitions.

HIA chief economist Tim Reardon says that shrinkflation is evident across the economy as households bear the cost of higher mortgage repayments.

GALLERY  

“Affordability and value have become stronger considerations for households looking to renovate or build a new kitchen or bathroom,” he says.

“This adjustment in consumer behaviour is evident in bathrooms more than kitchens. Each new home built in 2023 has on average two bathrooms, down from 2.6 per home in the previous year.”

The building and renovation boom, which started around the pandemic, saw kitchens increase in size with more appliances and premium fittings.

“Overall, the renovations market is cooling from the record peak of recent years but remains strong due to the low level of unemployment, house price growth and limited quality housing stock available to purchase,” Tim explains.

“During the pandemic, the cost of a new kitchen or bathroom rose as households sought larger living and work-from-home spaces. The cost of a new kitchen and bathroom is continuing to rise, but this time it is due to higher construction costs.”

Additionally, the report finds that renovation jobs have been constrained with a majority of bathroom jobs involving the same or an even smaller footprint.

“More than half of these jobs last year involved expanding bathroom spaces,” Tim says.

“In contrast, the majority of kitchen renovations in 2023 resulted in an increase in the footprint of the kitchen. The cost of construction will stabilise this year as global supply chains are restored and labour shortages ease.”






Get our enews

Design and development news that comes to you

Subscribe
                 


Revolutionising Office Design: Saniflo's Greywater Pump Solution for Urban Workspaces

Professional workspace design is constantly evolving to suit the changing needs of employees, new layouts breath fresh air ...

MPA NSW Criticises Federal MP’s Call to Ban New Gas Developments

The Master Plumbers Association (MPA) of NSW has strongly rebuked the recent statement by Wentworth Federal MP Allegra ...

HIA: Shrinkflation Hits Kitchen and Bathrooms

HIA has released the HIA Kitchen and Bathrooms Report 2023-24 and one of the main findings is that ...

Zip Water’s MicroPurity 6-in-1 Now Certified to Reduce Microplastics

Zip Water has announced that its MicroPurity 6-in-1 filtration system is now certified to reduce hidden microplastics in ...

Introducing the inaugural Kitchen + Bath Show: Australia’s Premier Design Trade Show

The inaugural Kitchen + Bath Show will debut at ICC Sydney on 13-15 June 2024. This newly launched ...

  MORE  

Stay connected to the SPEC

Join our reader network by signing up to our weekly newsletter and receive design and development news straight to your inbox





Specifier Source is brought to you by the same company that publishes Home Design, Grand Designs Australia Magazine, Kitchens & Bathrooms Quarterly Magazine, Outdoor Design Source, Build Home, CompleteHome and many more.

© 2022 Universal Media Co. All Rights Reserved. Privacy Policy. Terms of Service. The material on this site may not be reproduced, distributed, transmitted, or otherwise used, except with the prior written permission of Universal Media Co.