At this point in the property cycle there is a much larger group of long-term renters than there has been for 15 or 20 years.

The weak update on major renovations in Sydney is just one among a plethora of indicators pointing to NSW having slipped behind the pack.

With the exception of Sydney, which is still very weak, there is no feeling that a substantial pull-back is in the offing for the housing industry over the next 12 months.

Sydney is acting as a major drag on the NSW economy and the weak update on major renovations is just one among a plethora of indicators pointing to NSW having slipped behind the pack.

Outside of NSW spending on major renovations was softer, but not substantially so at the end of 2005.