News

Home renovations all the rage as property market heats up

13 March 2015

The robust property market and rising prices are seeing more Aussies turn to home renovations. 

A new survey from Winning Appliances has found that two-thirds of homeowners plan to renovate their home at some stage over the next two years.

The survey found Australians are home renovating in record numbers with one-third planning to do their work this year. 

While renovation numbers are up, the budgets are becoming tighter, dropping 9 per cent to $14,700 from last year. 

Thirty per cent of renovators had a very tight budget of $5,000 or less, and at the higher end those looking to spend over $50,000 numbered 7 per cent. 

Winning Appliances chief executive David Crane said on News.com that it was actually the younger generation that was looking to spend more on home renos.

“They’re (Gen Y) five times more likely than Gen X and three times more likely than Baby Boomers to be planning a $50,000-plus renovation,” he said.

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