Australia’s passion for renovating knows no bounds, a recent survey has confirmed.
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The Australia Houzz & Home Renovation Trends Study surveyed 7200 Australians about their home renovations last year and plans to renovate in 2018.
All the research indicated that 2018 would have been another robust year for the home improvement industry.
“Recent buyers and long-term homeowners alike are keen on investing in major projects like kitchens and bathrooms and they’re validated by the value these projects have brought to their homes," said Houzz principal economist, Nino Sitchinava.
More than half of homeowners said they planned to renovate their home (57 per cent). Renovation activity and spend was strong last year, with more than 50 per cent of homeowners renovating their homes, at a median spend of $25,000.
Kitchens topped the list of interior remodels for renovation frequency in 2017, with more than a quarter of renovating homeowners tackling kitchens, followed by living/family rooms, bedrooms, master bathrooms and laundries respectively.
Repeat and first-time homebuyers were reported as being more likely to tackle kitchen renovations than long-term homeowners, and the heart of the home was also the most expensive room to renovate, with a median spend of $20,000 for a large kitchen (more than 10 square metres), followed by large master bathrooms (more than five square metres) at a median spend of $13,000.
In the past two years, homeowners have become more deliberate in planning and budgeting for renovations, and were seven per cent more likely to set a budget in 2017 than in 2015 (74 per cent and 67 per cent respectively).
The top home system upgrades in 2017 were plumbing and electricals, at 32 per cent and 31 per cent respectively, with first-time homebuyers twice as likely to upgrade electrical systems during renovations as long-term homeowners.
Eighty per cent of homeowners thought the home renovations would have a positive impact on their home value, while nearly half of surveyed homeowners believed their home value has increased by at least the full amount of the project cost post-renovation.
