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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First-home buyers are dominating the market
Using data from the Australian Bureau of Statistics the HIA has found that DIY-ers and small-scale professional renovators spent $14.4bn