Australians spend big on kitchen and bathroom projects
Times ahead look good for the K&B industry
There are many different reasons why people decide to tackle kitchen and bathroom renovation projects. Perhaps they want to keep up with the latest design trends, need to start afresh with a custom creation designed to suit their needs and lifestyle, want to increase the value of their home or simply desire a new look? Whatever the reason, homeowners around the country are spending more and more on kitchen and bathroom projects, enlisting the skills and expertise of professional designers to make their dreams a reality.
Last year, a study commissioned by Universal Magazines and conducted by McNair Ingenuity Research found that bathroom and kitchen renovations were the second and third most common projects planned by readers of the publisher’s home titles. It also found that readers spend $157,000 on average when renovating their home.
This positive outlook for the kitchen and bathroom industry has been boosted by new figures recently released by the Housing Industry Association (HIA) that show homeowners around the country are spending more money on kitchen and bathroom projects than ever before. According to the HIA Kitchens and Bathrooms Report, more than 509,400 new and renovated kitchens were installed by Australians in 2009/10, a jump of 7.5 per cent from 2008/09, while the number of new and renovated bathroom projects came in at 711,200, an increase of 9.2 per cent. The total value of work for each industry was $6.9 and $4.2 billion respectively.
While the number of kitchen and bathroom renovations and installations may slightly dip in the 2010/11 financial year, these figures look set to bounce back in 2011/12 and reach roughly the same numbers recorded in 2009/10. This would see the total value of kitchen and bathroom installations and renovations reaching a record high of $12.3 billion.
All in all, it looks like a good year ahead for the kitchen and bathroom industry.
Top image: Bathroom Dynamics
Bottom image: Attard’s Cabinetry
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