Home-owners have been making the most of Covid-19 restrictions by renovating their homes, according to Suncorp, with the average makeover costing $63,188.
The renovations cover a range of projects, including renovating one room, improving shared living areas or making plans for a larger scale renovation to use the HomeBuilder grant. These include extensions and refreshing outdoor areas by adding a pergola, deck or swimming pool.
Suncorp executive general manager consumer lending Bruce Rush says postponed holidays or events were some factors that saw households starting renovations.
According to Suncorp’s renovation calculator, kitchens are the most expensive part of the home to renovate, averaging $20,750. A bathroom upgrade costs around $16,250, while a small deck costs about $4,300.
Suncorp data shows renovations are prevalent in The Gap, Burleigh Waters, Coorparoo, Elanora and Nerang in Queensland while Kellyville, Drummoyne, Miranda, Tamworth and Ballina are among the frequently renovated locations in NSW.