Australians are spending a $1 billion per month on renovations in a boom partly fuelled by government stimulus that has seen the number of home alterations at record highs.

There were 2,050 private residential renovations approved in March in NSW valued at a total of $354 million – another increase from the 1,850 approved in February.

ABS figures going back to July 2016 show this was the first time the value of renovations approved in NSW in a single month topped the $300 million mark. Nationally, the same data set shows the value of home renovations approved each month passed the $1 billion mark for the first time in February, then grew to $1.14 billion in March. In 2019, the monthly average was $680 million.

In Victoria, there were 3,062 additions and alterations approved in March – another record – worth $373 million. In Queensland there were 3,352 approvals worth $255 million.