- Gen Y (1981-1995) was the generation of home owners most likely to be considering renovating in the future (46%)
- Home owners who are getting married or having a baby are the most likely to be considering renovating.
Chris Screen, Westpac Group Head of Home Ownership, said the competitive housing market has inspired a surge in home renovations.
He added: “With rising property prices and intense competition for property in metro areas, many home owners are looking to renovate their existing property rather than sell and risk losing their position in the market.
“In the current market, many renovators are taking advantage of increased home equity to upgrade their homes to suit their needs.”
Australian home owners who had identified renovating as their highest priority in the next five years said the main reasons would be to have a nicer home (74%) and to lower home maintenance and/or upkeep (30%).
Chris added: “In such a competitive housing landscape, it isn’t surprising that Australians’ property expectations are shifting and more home owners are choosing to buy and renovate later, in order to get a foot on the property ladder.”