Home renovation activity and spend have reached the
highest rates reported since 2019, according to the annual
Houzz
& Home survey of nearly 700 New Zealand respondents from
leading platform for home renovation and design, Houzz.
Nearly half of homeowners renovated their homes in 2021 (48
percent), up from 41 percent in 2020. Following the 13
percent growth in median spend last year, homeowners report
an additional 31 percent jump in median renovation spend at
$23,500. Homeowners with higher budget projects (the top 10
percent of spend) invested up to $140,000 in
2021.
Home renovation activity continues into 2022,
with nearly half of homeowners planning to renovate (46
percent) and nearly two-fifths planning to decorate (38
percent) this year. Homeowners report a planned median
renovation spend at $17,500 for 2022. Interestingly for the
first time since 2019, homeowners with higher-budget
renovations
