$52B cash inflow expected in home renovation market in 2021
With many Australians restricted to their homes due to the COVID-19 pandemic, the home improvement and renovation industry is experiencing a significant boost, according to a recent survey of homeowners by Australia’s online bathroom specialist, The Blue Space. The survey reveals that the home renovation market could expect a cash injection of around $52 billion in 2021.*
The study shows that 1 in 3 Australian homeowners (37%) plan on renovating their home in the next 12 months with an average spend of $26,000. The pandemic, which has kept many Australians at home, is also a major contributing factor, with 1 in 4 or 27% inspired to renovate so that they can better enjoy their spaces.
Top reasons for renovating included wanting to refresh an old or outdated room (45%), wanting to add more value to the home (38%), and having a growing family (11%).
Additionally, the Australian ‘wanderlust’ is being
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