"With the interest rate cuts lowering the cost of servicing debt, cutting the number of foreclosures and removing the downward pressures on housing prices, home owners should retain a confidence in their property and its value."

Mr. Caulfield said, "home owners also have to accept the boom time of house prices rising at record levels is over and whilst the interest rate cut will bring buyers into the market they will be cautious given the current financial turmoil."

"We believe the financial turmoil will also spark an increase in renovation, especially by those home owners nearing retirement, who will look to invest in their own homes rather than move and pay out tens of thousands of dollars in costs and charges to State Governments for basically nothing."

"With a carefully planned renovation people can add value to their homes, enjoy their investment and sell the investment tax free."

"The advice from many people undertaking Archicentre design concepts is that they are investing in renovation to create wealth as it is a path which they have control over and can actually see where their money is going in contrast to having it in the share market at the whim of the volatile market."