The latest Houzz data shows the median renovation cost is now at $30,000 which has increased from $21,000 the year before, reports Domain.
But the biggest of the big spenders are splashing much more cash on top notch refurbs with ‘higher-net worth homeowners’ upping their budgets from $150,000 to $230,000.
That will almost buy you a home in some Aussie regional towns!
While reno costs have gone up, Aussies aren’t digging into debt to finance their dream makeover. Most homeowners, 82 per cent, funded their reno from savings. Just 17 per cent relied on the credit card. While others dipped into equity or an inheritance.
While kitchens are amongst the most popular renovation jobs, street appeal still counts for a lot and is one job that usually won’t blow your budget. That might explain why one in five Australians said they had painted the exterior of their homes last year.
Houzz Australia managing director Tony Been told Domain that Australia’s love affair with renovations seems far from over.
“Homeowners are clearly committed to investing in their homes despite heightened product and material costs driven by supply chain disruptions, and are exploring diverse funding sources,” he said.
“This is especially pronounced among recent homebuyers, who rely heavily on cash from previous home sales to fund their projects and spend significantly more than the national median.”
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