A pandemic-induced housing boom has led to a record number of development applications in Lake Macquarie.
A total of 2865 development applications were lodged last financial year, an increase of 34 per cent on the previous year. Their combined value was $1.57 billion, up from $1.55 billion in 2019/20.
Lake Macquarie City Council manager development assessment and certification Elizabeth Lambert attributed the spike largely to the effects of COVID-19.
"I think a lot of people had money saved for travel, but when the pandemic hit and borders shut, they decided to spend those finances on home improvements instead," she said.
Valentine's Natalie Duncan is in the thick of a home renovation. She and partner Dylan tried to sell a few years ago, but didn't receive any offers they were willing to accept. Instead of moving to a bigger house for their family of four, they decided to add to their existing home.
"We're extending out from the existing house into the backyard, adding on about 95 square metres in total," she said.
"We're building a larger living space with dining, loungeroom and kitchen all in one."
An ensuite and walk in robe will also be added to the main bedroom along with a deck on the back of the residence.
The Duncans run a skin clinic at Belmont, and last year's lockdown meant it as a bit harder to get finance.
"We were closed for nine weeks during the pandemic last year," Ms Duncan said.
"It put a bit of a dint in our financials, they were down on year before so when went to apply for loan it was quite difficult to find a lender that would speak to us."
But after a few bumps in the road, the renovations are well underway and the timing has worked out well, with record low interest rates and the possibility of receiving the HomeBuilder grant.
"We had to extend our mortgage but with lower interest rates it's a good time to do it," Ms Duncan said. "And it's only going to add value to the house."
"We have applied for HomeBuilder. We have to spend $150,000 and send in our invoices when we get to that stage.
"Fingers crossed we can get it."
Value of approved DAs 2020/2021 by suburb
- Cooranbong - $178,472,912
- Boolaroo- $174,877,780
- Cameron Park - $122,882,018
- Morisset - $87,721,262
- Cardiff - $64,135,726
- Toronto - $62,676,902
- Edgeworth - $59,804,465
- Charlestown - $58,003,877
- Warners Bay - $55,702,365
- Belmont - $54,839,258
