The renovation age has begun in Australia
Australia has entered the renovation age as home owners ramp up the worth and lifestyle of their castles, according to a recent realestate.com.au report.
Westpac research recently revealed that over a third of homeowners plan to renovate over the next five years, with an average of $80,000 spent on updates.
The Housing Industry Association (HIA) also predicts Aussies will spend $38.5 billion on home improvements this financial year, which is up almost $2 billion on the previous 12 months.
More than a third of that spend will be in NSW – the highest in the nation with the majority saying they were influenced by home improvement shows. The most common changes people are considering adding is a home office and improvements to bathrooms, kitchens and outdoor areas.
The trend also cements fear of a down turn, with HIA chief economist Tim Reardon now forecasting a COVID-19 “bump”.
Using data from the Australian Bureau of Statistics, the HIA has found that DIY-ers and small-scale professional renovators spent $14.4 billion at hardware, building and garden supply retailers from March to September. That figure is up almost $3 billion, or 26 per cent, year-on-year, according to the realestate.com.au report.