Rather than move to a bigger house, Hunter residents are choosing to renovate their existing properties according to the latest Housing Industry Association (HIA) report.
The latest report found the region recorded the second largest volume of renovation approvals, totalling more than $63 million dollars, of any area across NSW during 2015/2016.
"Things like interest rates, growth in prices of dwellings in the area, consumer confidence - are they going to be able to get a job in the next coming years to pay off the loan that they may have taken out and of course how easily they can get finances," said HIA Executive Director Craig Jennion.
The appetite for renovations is spurred on by the substantial rise in house prices with residents more willing to renovate and less willing to pack up and move to new home.
Craig Jennion says it's not only looking good for the Hunter in the short term but the long term as well.
"We're expecting here in the Hunter to see continued growth particularly in the renovation market and around that 10 per cent mark which will be fantastic for the local industry and in our new dwelling areas we're still expecting to continue to see considerable growth in the short term until we start to see what happens with interest rates."
