my 2 cents worth.... In my case with renovating, existing houses, my experience has been.... Maybe its just that I contract with the local builders, who appear not to employ immigrant workers, in the suburbs I am involved with....so that is not an overall assessment in that industry.... are the immigrants predominately employed in the bigger cities in all states ?
The builders and related tradesman have not kept their prices stagnant, they go up each year, adding to the costs, and in my experience, the costs are at least 10% pa or more...and there is still a shortage of tradesman.... Renovating does not usually attract any taxes, just development application fees....
I experienced similar price rises and costs on the last new house I built in 2004. The renovations pay for themselves, in the sense that it adds value to the houses, and an immediate rent increase results. Whether I spend 3,000, 30,000 or 50,000 on a reno, I can expect the value to increase on average by a minimum 10% pa.... but hey, remember, I only invest in period homes, in the inner areas...usually on larger blocks, sought after areas.... its horses for courses....not every horse is suitable to a course...
