Home-owners are ramping up the worth and lifestyle of their castles, as Australia enters the renovation age.
According to research from Westpac, more than a third of homeowners are planning to renovate over the next five years, with an average of $80,000 spent on updates.
Overall, the Housing Industry Association predicts Aussies will spend $38.5bn on home improvements this financial year, up almost $2bn on the previous 12 months.
The trend puts paid to fears of a downturn, with HIA chief economist Tim Reardon now forecasting a COVID-19 “bump”.
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.
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Using data from the Australian Bureau of Statistics the HIA has found that DIY-ers and small-scale professional renovators spent $14.4bn at hardware, building and garden supply retailers from March to September. That figure is up almost $3bn, or 26 per cent, year-on-year.
The most common changes people are considering adding is a home office and improvements to bathrooms, kitchens and outdoor areas.
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Westpac managing director of mortgages Anthony Hughes said while the restrictions imposed due to the COVID-19 pandemic had “sparked new ideas” on how spaces could be used, the shift in work-from-home arrangements and family needs would sustain them in the long run.
Additional reporting from Nathan Mawby.