Australians remain enthusiastic renovators if the results from the 2018 Houzz & Home Australia Study are anything to go by. The survey of more than 7,200 people revealed that more than half of homeowners on Houzz Australia are planning to renovate (57 per cent) at a median spend of $25,000 per room and that the kitchen is the most popular room to revamp.
While the kitchen is the most popular room for interior renovation (26 per cent) it’s closely followed by the living room (24 per cent), master bathroom (18 per cent), bedroom (18 per cent), and laundry (17 per cent).
The survey also revealed that while kitchens were the most popular room to renovate they were also the most expensive – a large kitchen (more than 10 square metres) has a median spend of $20,000.
“All of the evidence from our research points to 2018 likely being 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,” says Houzz principal economist Nino Sitchinava, Ph.D.
And when it comes to carrying out the work, nine in ten people (92 per cent) choose to hire a professional with repeat homebuyers the most likely to seek professional assistance (94 per cent) – perhaps because they’ve learnt through bitter experience! 89 per cent of long-term owners and 88 per cent of first-time homebuyers are likely to seek the services of a pro too.
And while increasing a home’s functionality and user-experience is a key driver behind most renovations, the desire to add value to our properties is important too. Almost half of renovating homeowners (46 per cent) believe their efforts will increase their home’s resale value with nearly eight in ten homeowners (80 per cent) believing their home value increased by at least the full amount of the renovation cost.
