The boys from Dalby, Luke and Cody Cook of reality TV show House Rules at the launch of Ribs & Burgers Woolloongabba yesterday. Picture: Jono Searle.

The trend was expected to drive a $1 billion surge in renovation work nationally this year, according to the latest Housing Industry Association Renovations Roundup report.

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HIA senior economist Shane Garrett said the large pool of owner home equity was driving renovations.

It accounted for about 35 per cent of total residential construction last year, with renovations expected to rise 2.5 per cent this year to $31.23 billion nationally.

“The recovery in renovations activity is being supported by the environment of remarkably low interest rates and very strong dwelling price growth in key markets,” Mr Garrett said. “In this context, many homeowners have decided to shelve plans to move house and instead conduct major renovations work on their existing homes. The large pool of available home equity has made this possible.”

Mr Garrett said with new home building expected to decline in some areas, the ­importance of renovation ­activity would only increase.

“The revival in renovations activity will provide a welcome offset to the more challenging situation emerging on the new home building side.” Reality television stars Luke and Cody Cook of House Rules fame, who were in Brisbane yesterday to launch Ribs & Burgers Woolloongabba, won the judges’ acclaim for renovation work on the show.

“We always thought about practicality and then added design later,” Luke told The Courier-Mail.

Asked about plans to buy more property, Luke said: “I love my house, I’m not going anywhere.”

His twin brother Cody said that after all the renovation work, they had no plans to look at more property as yet.

“We want to just enjoy the house we’re in for now,” he said.

Originally published as Homeowner equity driving renos