More than one third of Australian homeowners will look to renovate their home within the next 12 months, new data has revealed.
According to Mortgage Choice’s 2016 Money Survey, 36.2% of homeowners said renovations were high on their agenda.
Mortgage Choice CEO John Flavell
says he isn’t surprised to see such a significant percentage of homeowners looking to renovate their property over the coming year.
“Not only can renovating a home significantly improve its value, but it also allows homeowners to stay at their current address,” he said.
“Furthermore, with property prices continuing to rise across most capital cities year on year, many homeowners may believe it is cheaper to renovate their home rather than buy and move elsewhere.”
Research conducted by RP Data CoreLogic found property prices across the combined capital cities grew 0.5% in February, taking values 7.6% higher over the last 12 months. This strong growth follows an 8.3% jump in property prices the year before.
“This data would not only suggest that the Australian property market remains robust, but price growth is unlikely to stagnate anytime soon,” Flavell said.
“With that said, it is not surprising to see more than one third of Australian homeowners are looking to renovate their home within the next 12 months.”
Of those who are looking to renovate, 57% said they would look to renovate their kitchen or bathroom first.