Source: Roy Morgan Single Source (Australia): April 2006 – March 2012, average yearly sample n=19,701).
While approvals for private sector houses have fallen, home renovations have remained relatively stable with 2.05 million Australians aged 14+ having spent $5,000 or more renovating or extending their home in the past 12 months according to the latest findings from the Roy Morgan Single Source survey.
This figure, representing 10.6% of the Australian population aged 14+, has remained stable over the past five years, moving from 1.95 million Australians 14+ having renovated in the last 12 months in 2008 to 2.05 million in 2012.
Australians 14+ renovating in the past 12 months
Source: Roy Morgan Single Source (Australia): April 2006 — March 2012, average yearly sample n=19,701).
Looking at those who are renovating we see that as Australians’ living requirements change and as their family grows so to does the need for renovations and extensions. With less of a foothold in the property market and less income Young Singles (4%) are unlikely renovators, however as singles become Young Couples the likelihood of becoming renovators increases (11%). Continuing through the life stages we see a higher incidence of renovation in Young Parents (13%) and Mid-Life Families (13%) and then a gradual decline through Mid-Life Households (12%) and Older Households (9%).
Lifecycle segments renovating a home
Source: Roy Morgan Single Source (Australia): April 2011 — March 2012, n=19,690).
Those Australians that have renovated or extended in the past 12 months are proud of their home and their family. They are 41% more likely than the average Australian to keep up-to-date with new home improvement ideas, 15% more likely to entertain spontaneously and 6% more likely to be proud of their family. They are also 25% less likely than the average Australian to be more interested in their job than their house — it’s all about the house.
Family and home attitudes of home renovators
Source: Roy Morgan Single Source (Australia): April 2011 — March 2012, n=2,135).
Norman Morris, Industry Communications Director, Roy Morgan Research, says:
“The popularity of TV shows like The Block and the number of new Bunnings, Masters and Mitre 10 stores show what a big business home renovating is. The typical home renovator is a highly attractive target; typically they live in a young to mid-life family, they’re well educated and have a higher than average income.
“But as our findings reveal there are distinct life-stage factors affecting those that renovate. We see that renovating your home is a family affair as a higher proportion of families renovate and that the home is the heart for family entertaining.
“As the home hardware category competition intensifies it will be interesting to see how each competitor will tailor their advertising and product offering to these distinct segments.”