For any industry, insight into trends is always useful. Good news for companies like www.ambertiles.com.au, as Houzz & Home Australia recently conducted the latest iteration of their annual survey, which showed that a lot of homeowners on the platform are looking at renovating their homes (at 57%), with a median budget of $25,000.
The annual survey, one of the largest surveys of its kind, was conducted with a sample size of around 7200 Aussie homeowners. It took into account data from past expenditures, planned spending, professional investment, among others. The survey noted that improving a home’s design and/or functionality are the top considerations when undertaking renovations, with 74% of the respondents choosing it. Another key consideration for the homeowners, with 46% of respondents choosing it, is increasing the property’s resale value. Additionally, 80% of the respondents believe that their renovation increased their property’s value, while 37% of them believe that their home’s value went up by at least the cost of the renovation.
The survey also looked at who spent the most for renovations, with repeat homebuyers (with a median spending of $30,000), then long-term owners (at $22,000), and lastly, first-time homebuyers (at $15,000).
According to Houzz’s Principal Economist, Nino Sitchinava, recent buyers and long-term homeowners are the ones most willing to invest in big projects and they’re validated by the value these renovations add to their properties.
Other key findings in the survey are:
- In terms of renovation frequency in 2017, kitchens are the location with the most interior updates.
- Over the past two years, homeowners have taken a more deliberate approach in planning and budgeting for their renovations, with 67% of them setting a budget in 2017, compared to 2015’s 64%.
- 92% of Aussie homeowners turned to home professionals like www.ambertiles.com.au for their home renovation needs, with repeat homebuyers most likely to seek professional assistance at 94%, then long-term homeowners at 89%, and first-time homebuyers at 88%.
- Homeowners prioritised plumbing and electrical over other systems for renovations, at 32% and 31% respectively. First-time homebuyers are twice as likely to get upgrades to their electrical systems during renovations as long-term homeowners, 52% compared to 25%, respectively.