More than one third of Australian homeowners will look to renovate their home within the next 12 months, new data has revealed.
According to Mortgage Choice’s 2016 Money Survey, 36.2% of homeowners said renovations were high on their agenda.
Mortgage Choice CEO John Flavell says he isn’t surprised to see such a significant percentage of homeowners looking to renovate their property over the coming year.
“Not only can renovating a home significantly improve its value, but it also allows homeowners to stay at their current address,” he said.
“Furthermore, with property prices continuing to rise across most capital cities year on year, many homeowners may believe it is cheaper to renovate their home rather than buy and move elsewhere.”
The data from Mortgage Choice supports the outlook of the Housing Industry Association, who predicted that renovation activity will increase by 0.7% in 2016 and then steadily increase in the following years.
Research conducted by RP Data CoreLogic found property prices across the combined capital cities grew 0.5% in February, taking values 7.6% higher over the last 12 months, which follows an 8.3% jump in property prices the year before.
Following those increases Flavell said its unsurprising people may be looking to renovate, rather than try and buy a new property.
“This data would not only suggest that the Australian property market remains robust, but price growth is unlikely to stagnate anytime soon.
“With that said, it is not surprising to see more than one third of Australian homeowners are looking to renovate their home within the next 12 months.”
According to the Mortgage Choice survey, kitchens and bathrooms are the most popular choice for renovations, with 57% of respondents saying they would focus on those rooms.
Can you afford to buy in this suburb? Find out how much you can borrow
Top Suburbs :
east victoria park
tweed heads south
Get help financing your investment
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local expert Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus, our mortgage broking service is at no cost to you.
We value your privacy and treat all your information seriously - you can check out