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Australian home owners are spending $20,000 on home renovation projects on average, according to a new report.
Houzz & Home Australia surveyed more than 4,500 Australian home owners to compile the research, which revealed nearly half (48 per cent) of home owners had undertaken a renovation project in 2019.
Baby Boomers – those aged 55 to 74 – were responsible for almost half of all renovations reported at 45 per cent, up from the 40 per cent who had reported a renovation the year prior.
The median spend on such projects was $18,500 for the age group, which was higher than Millennial median spending – of $12,000 – but lower than Gen X spending, which was up at $20,000.
The findings led Houzz’s senior economist, Marine Sargsyan, to comment that Baby Boomers “continue to bring consistency to the market as they pursue projects that will allow them to age in place”.
According to the report, more than half (53 per cent) of renovating Baby Boomers do not plan to move out of their current living arrangements within the next 10 years.
Alongside Gen Xers, Baby Boomers indicated their motivation for undertaking projects stemmed from having wanted to do it all along and finally having the time.
Having the financial means was also a factor for 42 per cent of Baby Boomers who did carry out renovations.
In terms of the overarching figures, Ms Sargsyan explained that “following significant growth in home renovation activity over the past few years, we’re seeing the market settle somewhat in terms of activity”.
“That said, project scope and spend have remained stable.”
Given the report only looked at 2019 trends, Houzz & Home said that the impact of the coronavirus pandemic on planned renovation activity remains to be seen.
But given the study was fielded in early 2020 (pre-pandemic), Houzz did report planned activity for the year remained consistent with the previous year.