This Brisbane home, built by Corella Constructions, won a Master Builders national award last year in a segment that the Housing Industry Association now believes will provide the next building boom.THE peak body for residential builders has predicted where the next housing boom will come from – and it’s closer to home than you might think.The Housing Industry Association expects Australia’s next building boom to come from home renovations which were expected to rise by almost $3 billion by 2020.The HIA Renovations Roundup report said renovations grew 2.7 per cent last year to $33.06b but was expected to hit $35.94b in 2020. Four four-bedders under $300,000 Would you park your car like this? Get The Courier-Mail’s Real Estate and Property News in your inbox This Brisbane home, built by Corella Constructions, won the Master Builders national award for luxury alterations/additions over $1 million.Mr Garrett said renovations already made up about a third of all residential building work, but was expected to grow to 42 per cent by 2020.“Detached house building in Australia reached very high levels between 1985 and 1995. This large stock of homes is becoming increasingly ripe for major renovations work. Added to the mix are remarkably low interest rates and the big home equity windfalls in Sydney and Melbourne – pretty ideal conditions for renovations demand.”He said turnover in the established house market was an important driver of demand.“Prospects for renovations growth would be even stronger if transactions on this side of the market started to increase again.” This Brisbane home, built by Corella Constructions, won the Master Builders national award for luxury alterations/additions over $1 million.“2016 marked the strongest year since WWII for new home building starts in Australia but our forecasts indicate that activity is set to decline on this front over the next three years.“In this context, our industry will become more dependent on work related to home renovations activity.”According to Australia’s biggest property portal Realestate.com.au, over 30 per cent of Australian property owners identified themselves as property improvers interested in renovating and decorating. This Brisbane home, built by Corella Constructions, won a national Master Builders award last year.More from newsMould, age, not enough to stop 17 bidders fighting for this homeless than 1 hour agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor7 hours agoWhile this year was expected to see a slower pace of growth at 0.3 per cent, that was expected to accelerate to 3.2 per cent next year, 2.4 per cent in 2019 and a further 2.5 per cent in 2020.HIA senior economist Shane Garrett expected renovations would make up a greater part of the building mix as new home building goes into decline over the next few years.