Just like a chocolate bar or a box of cereal, Australians are dealing with high-priced houses by downsizing their kitchen ambitions.
Australians are following the lead of chocolate and chip manufacturers, using shrinkflation to deal with the spiralling cost of building a new home.
The single largest expense in a new home is timber, board and joinery, accounting for 33.5 per cent of the total sticker price. Energy costs exploded due to the Russian invasion. Anything needed for a house or apartment with a large component of energy, such as steel or bricks, experienced a surge in prices.
State and territories sharply increased the size of first home buyer grant assistance which, in some cases, was worth almost $90,000. The average time between kitchen renovations is 35 years. During COVID, that average plummeted to 25 years.
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