A survey of over 4,500 has shed light on how Australians were approaching giving their property a revamp prior to the COVID-19 lockdown.
The study released by Houzz & Home revealed that nearly half of home owners reported renovating projects in 2019, tackling nearly three interior rooms on average.
Baby Boomers (ages 55-74) accounted for nearly half of renovating home owners in 2019 (45 per cent), an increase from 2018 (40 per cent).
Gen Xers and Millennials follow in renovation activity, with nearly 39 per cent and 14 per cent of home renovators, respectively.
Gen Xers and Baby Boomers reported the highest median renovation spend in 2019 at $20,000 and $18,500 each. Millennials followed, with a median spend of $12,000.
Kitchens commanded the highest median spend at $15,000, a decline from previous years, followed by master bathrooms ($13,000) and guest bathrooms ($10,000), which both experienced increases in median spend compared with the previous year.
“Following significant growth in home renovation activity over the past few years, we’re seeing the market settle somewhat in terms of activity,” said Marine Sargsyan, Houzz senior economist.
“That said, project scope and spend have remained stable and we’re seeing Baby Boomers continue to bring consistency to the market as they pursue projects that will allow them to age in place.”
More than half of renovating Baby Boomers do not have plans to move out of their homes within the next decade (53 percent).
Baby Boomers and Gen Xers were motivated to pursue a home renovation project because they’ve wanted to do it all along and finally had the time (39 and 30 percent, respectively) and financial means (42 and 39 percent, respectively).
The biggest motivation for Millennials was to customise a recently purchased home (38 percent).
Interestingly, only one in 10 renovations would’ve been eligible for the government’s new housing stimulus packages.
The scheme, which was announced in June, will give $25,000 grants to eligible home owners, but recipients will need to spend at least $150,000 of their own money.
The $688 million HomeBuilder scheme will be granted to people who sign contracts to build or substantially renovate their home from 4 June until the end of the year.