A ‘Renovation Intentions’ study into Australians' plans to renovate has found just over half (51 per cent) of Australian homeowners are planning to renovate within the next four years.
Around one-quarter (28 per cent), or 1.1 million households, plan to renovate within 12 months.
The Galaxy Research survey for Winning Appliances was conducted via an online research panel of 1091 Australians aged 18 to 64 years.
The study also found that among homeowners, one in four (25 per cent) say that they have never renovated. Conversely more than half (58 per cent) have renovated within the past four years with almost one in three (32 per cent) saying they have renovated in the last 12 months (40 per cent of Queenslanders and 43 per cent of South Australians say this).
Among those planning to renovate:
- One third (37 per cent) will renovate their bathroom
- One quarter (28 per cent) will renovate their kitchen
- One quarter (25 per cent) will renovate their living areas
- 18 per cent will renovate the laundry.
John Winning, CEO of Winning Appliances and Appliances Online, said: "This research indicates Australians are still willing to invest in their homes and renovate, potentially to upgrade a kitchen or bathroom rather than selling the house and buying a new home.
“Around 56 per cent of Australians either own their home outright or have a mortgage and of these people, 51 per cent - or approximately two million households - are planning to renovate in the next four years.
"It's the perfect time to renovate -- as consumers have access to more technologically advanced products than ever seen before, at the right price," Winning said.
He said one of the biggest renovating trends over the past year has been to create the kitchen as the centre of the home.
The research found Queenslanders and South Australians were the most likely to renovate in the next 12 months 34 per cent and 35 per cent respectively, followed by those living in New South Wales (27 per cent), Victoria (26 per cent) and Western Australia (22 per cent).
"Global economic uncertainty has not stopped innovation, and 2012 is set to reveal more innovations in cooking and laundry appliance technology, with induction cooktops, pyrolitic and steam ovens and more energy efficient clothes driers available for renovators," Winning said.
"We have found the past few years of economic uncertainty has changed how people shop for whitegoods and appliances - to the benefit of the consumer. Australians increasingly shop around for the best deal - using online sites such as Appliances Online to research products and prices. Consumers also expect unbiased advice and the best possible customer service - which is the secret behind both our offline and online retail outlets," he said.
While many other retailers have been feeling the pressure of the current economic climate, Winning Appliances has enjoyed record growth -- expanding to Queensland and also expanding their product range to include bathroom products (available in Queensland only).
Winning Appliances markets itself as a kitchen and laundry appliance specialist and it has showrooms located around Sydney, Newcastle and Queensland.