Over a third of Australian homeowners are planning to renovate their current properties in the next 12 months.
This was according to a new study from Resolve Finance, which found that the share of homeowners with plans to renovate increased from 22% to 33%.
The trend is most evident among homeowners aged 45 to 54, with 44% in the cohort having plans to renovate.
The younger homeowner demographic aged 25 to 34 also expressed high intent to renovate, with 41% saying they have plans.
Resolve Finance general manager Sandy Paravizzini said the pandemic prompted a transformation of homes into multifunctional spaces for many people, leading to a significant increase in home renovations.
“This sparked a notable rise in people renovating and enhancing their homes to support productive a work environment,” he said.
Mr Paravizzini said the uncertainty of interest rates has influenced some homeowners to stay put and renovate their homes to increase value.
“For this group it’s a strategic approach that allows them to increase the value of their home, while patiently waiting for the right time to make their next move,” he said.
According to the study, a limited share of homeowners is planning to move, with 10% considering upsizing and 6% thinking of downsizing.
Downsizers were most likely to be found in Queensland while upsizers were most prevalent in Victoria.
Homeowners aged 25 to 34 were most likely to be intending to sell and upsize at 18%, although this represents a decline from 23% six months ago.
Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Additional Repayments | Split Loan Option | Tags | Row Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.79% p.a. | 5.83% p.a. | $2,931 | Principal & Interest | Variable | $0 | $530 | 90% |
| Promoted | Disclosure | |||||||||||
5.84% p.a. | 5.86% p.a. | $2,947 | Principal & Interest | Variable | $0 | $250 | 60% |
| Promoted | Disclosure | |||||||||||
5.74% p.a. | 5.65% p.a. | $2,915 | Principal & Interest | Variable | $0 | $0 | 80% |
| Disclosure |
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Photo by @gettysignature on Canva.
Collections: Buying a home Home improvement Mortgage News
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