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Big-spending homeowners hammering the renovations

Home renovators are spending more and taking on a greater number of projects, with half of all homeowners planning to upgrade their property this year.

Renovated lounge room with white fireplace and walls, exposed beams and soft furnishings
Investments in interior rooms remained the priority for seven in ten renovating homeowners.

Home renovation activity and spend have reached the highest rates reported since 2019.

Nearly half of homeowners renovated their homes in 2021 (48 percent), up from 44 percent in 2020.

Homeowners recorded a significant 43 percent jump in median renovation spend at $30,000 from $21,000 in 2020. This growth can be attributed to homeowners with higher budget projects (the top 10 percent of spend) increasing their investment from $150,000 in 2020 t…