New research has revealed what the average investor is spending on their renovations, with a change in priorities pinpointed year-on-year.
According to the annual Houzz & Home Australia survey, the kitchen is the area where 26 cent of homeowners placed their renovation efforts over the 2018 year.
Of those who renovated their kitchen, $20,000 was spent on average. This represents a 16 per cent increase from 2017, where the average kitchen renovation cost investors $17,250.
Master bathrooms were the next area investors spent the most of their money on – $12,000 on average. This is down 8 per cent from the year prior, where investors spent $13,000 on average.
Bathroom (other) was the third-highest spend, with investors dedicating $8,000 in 2018 on such renovation, on average. This is also down from the year prior where the average investor dedicated $9,000 to their bathroom renovation.
The report also provided insight into funding renovations.
When it comes to funding renovations, cash remains king for 76 per cent of investors.
This was followed at a distance by credit cards that can be used anywhere (19 per cent), and cash from home mortgage refinance (13 per cent).
Interestingly, reliance on credit cards is higher in millennials than in older generations, the report said.
Furthermore, finding the right expert for the job was also highlighted in the report, with 90 per cent of renovating homeowners getting professional help during renovations.
Electricians, plumbers and carpenters are in greatest demand by 62 per cent, 51 per cent and 40 per cent, respectively.