2018 is on track to be another solid year for home renovations, with half of homeowners on Houzz Australia planning to renovate their home.
Renovation activity and spend was strong in 2017, with over 50 per cent of homeowners renovating their homes, at a median spend of $25,000. Repeat homebuyers invest the most in home renovations at a median spend of $30,000, followed at a distance by long-term owners and first time homebuyers with $22,000 and $15,000 median spend, respectively.
Kitchens topped the list of interior updates 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.
Kitchens were 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.
"All of the evidence from our research points to 2018 likely being another robust year for the home improvement industry,” says Nino Sitchinava, Ph.D., Houzz principal economist. “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."
While improving a home’s design or functionality are the top considerations during renovations, increasing the home’s resale value is an important renovation consideration for nearly half of renovating homeowners. In fact, eight in 10 homeowners believe their renovation had a positive impact on home value and nearly half of homeowners believe that their home value has increased by at least the full amount of the project cost post-renovation.
Houzz is the leading platform for home renovation and design, providing people with everything they need to improve their homes from start to finish – online or from a mobile device. From decorating a small room to building a custom home and everything in between, Houzz connects millions of homeowners, home design enthusiasts and home improvement professionals across the country and around the world.
With the largest residential design database in the world and a vibrant community empowered by technology, Houzz is the easiest way for people to find inspiration, get advice, find products and hire the professionals they need to help turn their ideas into reality.
For more information, visit houzz.au