Victorian home renovations: Owners paying near-record sums to overhaul their properties [Video]

Victorians are spending near-record amounts renovating their homes, with a growing number embracing energy efficient overhauls to fight soaring bills.

But industry insiders fear cash-strapped owners are turning to unregistered, uninsured tradies and handymen, or even risking major updates as do-it-yourself projects.

Housing Industry Association analysis of Australian Bureau of Statistics data in the past financial year shows the state has stumped up more than $3.902bn for works with permits, just short of the $3.908bn record set in 2022.

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But the industry group has estimated notional demand for home updates should be closer to $12bn, based on historic data showing most residences receive a major update every 20 years.

The gap has been growing since the start of the pandemic, and additional HIA estimates show that despite near-record spending, the number of renovations in …