A study showed that nearly 8.4 million, or 62% of the 13.6 million homeowners in Australia, have made improvements in their homes in the last 12 months in 2016, compared to 7.5 million, or 57% in 2013.
This study compares the figures obtained from two individual surveys carried out in 2013 and 2016 on home improvements carried out by homeowners themselves who already owned their houses or still paying for it.
The latest study from Roy Morgan indicates that during the past few years, a growing number of Australians are performing improvements or repairs to their properties. The trend towards internal renovations continues to rise, even taking into account that the number of individuals who own or are paying off a home has increased by 400,000 since 2013.
As a result of popular reality TV shows like “House Rules” and “The Block” inspiring DIY zeal among Australian viewers and homeownership increasing despite overblown property prices, hardware and home improvement stores and tradespeople are poised to gain from this thriving market.
The study also found that the most popular type of home improvements was minor repairs like alterations, with just over 5.8 million homeowners doing it. This was followed by painting with 3.7 million homeowners doing it in the last 12 months,
Homeowners who have been residing in the same house for a year or less are more liable to perform renovations, alterations or repairs compared to owners who have been in the same address longer. This shows that they are new owners of a house previously owned by another person, and are trying to make it their own. It doesn’t mean that renovations decline after they have been living in the property for some time, but that renovations are high during the first year.
In the study, plumbing and electrical were the usual fixes among 3.4 million people respectively, while 2.9 million homeowners performed more decorative improvements like installing wallpaper, carpets and new curtains.
It was also found that home improvement projects were performed more by Australians who have homes instead of villa or terrace.
Meanwhile, Australians who are renting are less apt to spend on improvements and repairs (normally those are the landlord’s responsibility) or even redecorating. Once they engage, they follow a different timing and decision-making process, with long-standing renters being more likely to perform home improvements. This may be because they feel secure in their lease and are established in their rental accommodations.
Do you have an un-renovated home to sell? Are you contemplating doing some renovations before going to the market?
My recommendation is to consult with me before doing any improvement. You might end up selling for way more than you expected without the time and expenses to get there. Take a look at my recent sale at 12 Kalinda Road Charlestown as an example.