As 2020 comes to a close, Westpac has released new research uncovering renovation trends that took shape across Australia over the course of the pandemic.
National findings
Almost a third (31%) of Australians are planning renovations in the next five years, with one in five (18%) already in the process or planning to complete within the next 12 months.
On average, Australians plan to spend about $82,000 on renovations, with one in five (22%) planning to spend over $100,000. Mostly, renovators will fund their projects using their savings (73%).
The top reasons to renovate are because it’s more affordable than moving or buying a new house (27%), to adjust to changing home needs brought about by the pandemic (25%), and a desire to stay in the same area (24%).
More than a quarter (28%) are renovating for reasons relating to the pandemic; one in ten (11%) are doing so to accommodate working from home more, and nearly one in five (17%) because they’ve had more time during the pandemic to think about home upgrades.
Two thirds (65%) of renovators also agree that COVID-19 restrictions have made them consider alterations to enhance them and their family’s living arrangements.
Half (51%) of renovators say they’ve been inspired by TV programs like The Block.
With nine in ten (89%) agreeing renovations are good for increasing the value of their property, almost a quarter (23%) are undergoing renovations in preparation to sell in the future. Four in ten (43%) are also planning to either sell or rent out their home once restrictions have eased.
The most common renovations Australians plan to undertake are landscaping their backyard of garden (23%) or modernising a bathroom (21%) or kitchen (19%). A quarter (25%) plan to renovate outdoor areas like decking (13%) or entertaining space (12%).
State trends
