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Renovations are expected to grow in popularity over the coming months

On Apr 09 2014
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  • News

Renovations are becoming more popular across the nation as more people decide to redo their homes ...

Renovations are becoming more popular across the nation as more people decide to redo their homes in Australia. Tradespeople are expected to become a lot busier over the next 12 months, according to a National Australia Bank (NAB) survey conducted earlier in the year. 

The results have found that almost seven out of 10 Australians have intention of renovating their property over the next year. Furthermore, the average amount expected to be spent on these residential property renovations is expected to reach $25,000. Now could be the perfect time to consider undertaking these renovations yourself in order to turn your house into your dream home before winter truly sets in. 

Out of the current home loan holders in Australia, 68 per cent of them intend on renovating their property over the next year, including things like painting, decorating and reinstallation of kitchen and bathroom fixtures. In fact, over half the respondents intended on upgrading these rooms overall. The main reasons given for these developments included increasing the value of the real estate and creating a more livable space overall. 

Around 3 quarters of respondents (72 per cent) said they had been putting off their renovations due to financial constraints, with the average delay measuring around one and a half years. But as consumer confidence begins to return to the nation, people are beginning to move forward with their plans. 

NAB Head of Industry Analysis Dean Pearson said that keeping a close eye on home budgets was the main reason for not undertaking these renovations earlier. 

"With house prices growing across most markets (with particularly strong growth in Sydney and Melbourne) home owners are becoming more confident about investing in their single greatest asset," said Mr Pearson in an April 7 statement. 

"Despite rising consumer anxiety as fears over job security continue to grow, our research suggests that they are becoming more keen to renovate their homes. We've also seen that the number of people looking to build new homes rise sharply over the past year which is great news for tradies as they will become a lot busier over the next 12 months." 

With these figures illustrating the overarching turn towards renovation, now could be a great time to consider undertaking your own real estate changes in the coming months. A growing strength in the tradesperson market will aid your property endeavours in the near future. 

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