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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.

Rates
Features
Fees
Other
Lender
Variable
More details
Online ExclusiveUp to $4k cashbackINCLUDES NOV RBA RATE INCREASE
  • Immediate cashback upon settlement
  • $2000 for loans up to $700,000
  • $4000 for loans over $700,000
Online ExclusiveUp to $4k cashbackINCLUDES NOV RBA RATE INCREASE

Variable Basic Cashback Home Loan (Principal and Interest) (LVR < 70%)

  • Immediate cashback upon settlement
  • $2000 for loans up to $700,000
  • $4000 for loans over $700,000
More details
Variable
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  • Up is 100% owned by Bendigo Bank.
  • Up to 50 offset accounts
  • New joiners get $10 by signing up to the app using code UPHOMEYM. (T&Cs apply)

Up Home Variable (Principal & Interest) (LVR ≤ 90)

  • Up is 100% owned by Bendigo Bank.
  • Up to 50 offset accounts
  • New joiners get $10 by signing up to the app using code UPHOMEYM. (T&Cs apply)
More details
Variable
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Variable Rate Home Loan – Refinance Only

    More details
    • Immediate cashback upon settlement
    • $2000 for loans up to $700,000
    • $4000 for loans over $700,000

    More details
    Important Information and Comparison Rate Warning

    Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of December 8, 2023.

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    Photo by @gettysignature on Canva.

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