- The average cost to renovate a house in Australia
- How to create a budget for your renovations
- Renovating budgets room-by-room
- Frequently Asked Questions
With house prices always on the rise, more Aussie buyers are turning to fixer-uppers to get a foot in the property market. Renovating an older home can make it a much more inviting place to live, as well as increase its value if you sell in the future. But what style do you go for? Which room do you start with? And, the biggest question of all, how much is the average renovation cost in Australia?
Whether you’re hiring professionals or taking the DIY approach, renovations can be expensive. A personal loan can provide the financial boost you need to get started, but you’ll need to have a plan to avoid overspending. In this guide, we’ll break down the average renovation cost in Australia and explore expenses room by room to help you plan your budget effectively.
The average cost to renovate a house in Australia
In Australia, the average cost to renovate your entire house ranges between $20,000 (for a small unit) to $500,000 (for very large homes). But don’t be too scared by the big numbers. According to data from Suncorp Bank, homeowners are borrowing an average of $63,188 to fund their projects.
This pricing drastically varies because of:
- The square meterage of your home: The bigger your home, the more it will cost
- The quality of materials: Paint, tiles, insulation, drywall, gyprock, cornices, new appliances, and skirting boards.
- The scope of your renovation: changing tiles, painting the walls, or a full knockdown renovation.
- Paying a professional vs DIY renovations: Cost of labour and materials.
- New vs old appliances: The cost of brand new top of the line appliances can quickly blow out your budget.
How to create a budget for your renovations
Creating a budget is essential for managing your renovation costs, helping you plan how much to allocate for each room and track your expenses throughout the project.
To create a budget, you’ll need to have a solid plan in mind. Head to Pinterest, or ask your friends and family for inspiration. Once you’ve got an idea of what you want your home to look like, you can start adding up how much it’ll cost. Remember to stay open to change along the way, because no renovation ever goes exactly as planned.
Below, we’ve outlined the expected costs for each room to give you a clearer idea of what to budget for.
Renovating budgets room-by-room
According to the experienced team at Renovation Junkies, the most renovated rooms in the house are the kitchen and bathroom. As well as having the most potential to be damaged or look outdated, they’re also the most valued areas to potential home buyers. But as you’ll see below, they’re also the most difficult and expensive to renovate, given the many different trades involved.
Average cost of renovating a lounge room
The lounge room is the communal space in the house where memories are shared and visitors are usually entertained. Refreshing this space is important to make your guests feel more comfortable.
The average cost of renovating a lounge room can range between $7,000-$15,000. These costs include:
- Painting the walls
- Replacing the floors
- Removing walls to make it open-plan
- Adding more powerpoints or aerial points
- Installing floating shelves or cabinetry on the wall
- New curtains or shutters
Average cost of renovating a bedroom
Your bedroom is a safe haven, and adding those special touches to make it feel truly yours can make all the difference. The perfect walk-in robe or an added ensuite can all make you feel more comfortable, as well as add value to your home if you’re looking to sell.
Bedrooms are usually smaller than the rest of the house, so a new floor and a fresh coat of paint can cost as little as $2000. But if you’re planning for walk-in robes or an upgraded ensuite, you could be looking at costs between $15,000-$30,000.
There are many different upgrades and changes that you can do to renovate your bedroom, such as:
- Knocking down walls to build an ensuite and walk-in robe
- Built-in cabinetry and a make-up station
- Add a double shower or sink
- Upgrade the toilet
- Change the flooring
- Add new lighting or a ceiling fan
Average cost of renovating a bathroom
Between all the new tiles and fixtures, as well as specialised trades like plumbers and waterproofers, bathrooms become notoriously costly to renovate. But cutting corners here could lead to much more expensive problems down the line, so it’s always best to consult the professionals.
Depending on what you’re looking to change, a bathroom renovation can cost anywhere between $1,000-$35,000. This is also dependent on whether you’re upgrading an ensuite, main bathroom, or both.
Some bathroom renovation costs include:
- Adding a double basin
- Upgrading the toilets
- Adding floor-to-ceiling tiles
- Changing the shower to a double shower
- Replacing the light and exhaust fan system
- Adding new mirrors with LED lights
Average cost of renovating a kitchen
They don’t call kitchens the heart of the home for nothing. Between late-for-work breakfasts and after school snacks, your whole family flows in and out of the kitchen. And if you’re looking to spruce it up, it’s likely a good chunk of your budget will flow into it too.
There are plenty of costs and design questions to consider, which is why a kitchen renovation typically ranges from $30,000 to $50,000.
Some renovation ideas to consider include:
- Creating a walk-in pantry
- New appliances like a fridge, freezer, oven, stove top, and dishwasher
- Adding a dual sink and stone benchtops
- Replacing the flooring
- Building floating cabinetry
- Installing downlights
- Adding a kitchen island and breakfast bar
Average cost of backyard improvements
A report by Houzz and Home Australia found 57% of Australians were including outdoor areas in their renovation plans. Some landscaping or backyard improvements can help tie everything together, making the outside of your home just as appealing as the inside. The average cost of renovating your backyard is between $12,500-$44,500.
Of course, your outside plans will vary drastically depending on how much space you have available. Some new plants and a refresh of the garden soil won’t set you back much and can still make a huge difference to the feel of your backyard. If you have room, adding a shed or installing a pool can be fantastic outdoor improvements.
Here are some other projects you can do to renovate your backyard:
- Build an outdoor pergola or alfresco area
- Add a deck and outdoor kitchen
- Create garden beds or vegetable gardens
- Build an outdoor granny flat or activities room
- Add a firepit
Get help funding your renovation project from Red Tree Finance!
A home renovation should be a fun experience that adds value to your home. Now that you how much the average renovation costs in Australia, try to budget effectively and plan out your home renovation within your means. But if you fall just short of your budget, Red Tree Finance can help! We offer same-day loans to make sure you don’t have to compromise your vision. For any more information or any enquiries, feel free to reach out and contact our expert team today.
Frequently Asked Questions
How much does the average renovation cost in Australia?
The average home renovation costs between $20,000-$500,000 and an estimated $1,500-$3,500 per square meter of your home. If you want to change the physical structure of the home or add rooms to your house, then the costs are significantly higher.
What is the most expensive thing when renovating a house?
The most expensive home renovations are kitchen and bathroom upgrades. That’s because these rooms require more high-quality materials and specialised trades than other areas of the home.
How much does a full kitchen renovation cost in Australia?
In Australia, a full kitchen renovation costs between $20,000 and $50,000. These costs depend on the size of your kitchen, what you want to add, the quality of material you use and the new appliances you add.
People also read:
- 5 Costs That Moving Loans Cover
- 10 Things To Sell To Get Money Fast
- Can I Get A Loan If I Already Have One?
The information provided in this blog is of a general nature and is provided without considering your specific objectives, financial situation, or needs. It is intended for informational purposes only and should not be relied upon as financial, investment, or other professional advice.
Before making any financial decisions or taking action based on the information presented, you are strongly encouraged to assess its appropriateness in light of your individual circumstances. Red Tree Finance does not intend to provide personalised financial advice, and you should seek independent financial, legal, tax, and other relevant advice tailored to your unique situation.