Aussies pouring money into renovations
Nearly two-thirds of Australian homeowners have undertaken some kind of renovations in the past 12 months.
A new survey by Roy Morgan Research found 62% of Australian homeowners have undertaken renovations work in the past year, up from 57% when the survey was last conducted in 2013.
Newer homeowners were more likely to have undertaken renovation work. The survey found homeowners who had lived less than a year at their current address were more likely than longer-term homeowners to have redecorated or refurbished, painting or have spent money on electrical or plumbing work.
While minor repairs or alterations were the most common type of renovation work undertaken, 17% of homeowners said they had spent $5,000 or more in the past 12 months on renovating or extending their home. Homeowners who own a detached house were more likely to have done renovation work than those who owned a terrace or flat.
“With hugely popular reality TV series like The Block and House Rules inspiring DIY fervour among Aussie audiences and home ownership rising despite inflated property prices, hardware and home improvement retailers and tradespeople stand to benefit from this booming market,” Roy Morgan CEO Michele Levine said.
- Rent gone up? Here’s how to buy your first home sooner
- 8 big economist predictions for 2022 (and how they impact you)
- Housing affordability is in the toilet (and the toilet’s getting expensive)
- Room for improvement: Renters are less happy, more stressed than homeowners
- Could investors make it harder for you to buy a home in 2022?