Suncorp said the average renovation cost varied depending on the state but Victoria had the highest at $71,000, NSW was second with $66,000 and then Queensland at $60,560.
The data showed the Gold Coast was the region where most renovation activity was taking place but three out of the top five suburbs located there.
The number one suburb was The Gap, in Brisbane’s west, followed by Burleigh Waters, Coorparoo, Elanora and Nerang.
For about $60,000 the Suncorp calculator estimates a lender could get a deck, kitchen and bathroom renovation at a quality standard.
Suncorp executive general manager of consumer lending Bruce Rush said that some households were making small, cost-efficient changes around the home because they were spending more time in them, or they had postponed holidays or events.
“The cost to renovate can vary slightly depending on the location you live in and subsequent cost of trades, as well as the quality of fixtures or materials used,” he said.
Mitch Pocklington from Mitcon Build in Brisbane said that his business had received an increased number of construction enquiries as a result of COVID-19.
“We have been inundated with requests to quote for different jobs around Brisbane at the moment, whether it’s renovating one room in the house or making plans for a larger-scale renovation to utilise the government’s HomeBuilder scheme.”
We’ve seen a surge in people wanting to expand their current living areas with an extension and refresh their outdoor entertainment area by adding a pergola, deck or even swimming pool.”
Suncorp has included a renovation calculator on its website to allow for estimates of what each major job would cost.Jump to next article