- More than 40% of Australians are considering renovation projects on their current properties
- 47% said they would rather renovate existing bathrooms, kitchens or living areas than move for the same improvement
- This is despite ongoing labour and material shortages
With DIY shows such as The Block maintaining an ongoing interest in projects around the house, a Great Southern Bank survey has revealed that 40% of Australians are considering renovating or investing in home improvements on their current property to better fit their lifestyle.
This is despite ongoing material and labour shortages.
The survey, which featured 1,500 respondents, found that half of Australians would rather renovate outdoor and garden areas than relocate for the same improvement.
Only 27% would make the move for such a lifestyle change.
About 47% said they would rather renovate existing bathrooms, kitchens or living areas than move for the same improvement. Just 29% would prefer to pack up and go.
Real estate experts have suggested that renovating than relocating could be a strategic move for sellers, who may be concerned about selling their properties during a less competitive market.
Also, there is a good chance they will secure a stronger result if they sell up after a reno.
Megan Keleher, Great Southern Bank’s Chief Customer Officer, said improving your existing home is an ideal option for those anxious about selling their home during the current economic climate.
“What we need or want in a home often changes over time, in line with our lifestyle or family needs,” said Ms Keleher.
“This doesn’t have to mean buying a different home – especially if you love where you live.
“Renovations can be a clever way to add personal and financial value to your house or apartment. Homeowners planning a renovation can consider a top-up to their existing home loan or refinancing their loan.
“Renovating can also be a good way to avoid the additional costs involved in buying and selling – like agent’s commissions, stamp duty, lenders’ mortgage insurance and even removalists.”
Sam Inan, Principal Director at Belle Property Brighton & St Kilda, said that despite labour and material sourcing difficulties, newly renovated projects are being sought by buyers, as it removes the uncertainty of being able to complete a renovation at a reliable cost.
“The demand for finished and fully improved properties is there because it takes buyers away from original condition properties,” he added.
