Renovations tops wish list, making saving a priority

March 8, 2013, 12:17 pm Karina May Yahoo7

With one third of Australians readying for a home renovation, it’s useful to know how much a family should be aiming to save before cracking open the piggy bank.

A recent survey by mortgage broker Loan Market found that renovation is high on the agenda for Australian homeowners over other household upgrades.

37% of those surveyed listed a major renovation as the number one household item they were saving for this year.

That’s all well and good, but perhaps what’s more useful to know is how much a family should be aiming to save before cracking open the piggy bank.

How much do renovations cost?

How long is a piece of string?! Of course, varying amounts will buy varying results (there’s a huge difference between a $10,000 kitchen and a $30,000 one!) but it’s nice to know what a conservative spend will get you, so you have some sort of saving benchmark. It’s especially interesting to note where other people are investing funds.

We found that the average price for a small renovation on our site is approximately $11,451.* This money was primarily invested in highly-trafficked areas like the bathroom and kitchen with works ranging from tiling to the installation of new cabinetry.

Landscaping & gardening a renovations winner

23% of the Loan Market survey respondents said they were saving to landscape their property. estimates that Australians should expect to pay at least $2,000 on average for a landscaping project.

Landscaper Julie Dale from Finish My Garden believes this is the ideal amount for families on a budget. She suggests some prioritising “cutting and pruning bushes and trees, weeding and mulching beds, paving seating areas and making sure your lawn gets some TLC”.

Other popular – although more pricey – landscaping services Australians are currently requesting are “extensions to existing alfresco paving, raised flower beds using limestone blocks and artificial grass”.

  • Average quote of a renovation project on Service Seeking based on 40,631 quotes submitted on the site between June-December 2012.

Visit to get quotes on your next renovation job.

Stock Quotes

e.g. BHP, CBA