How Much Does A Full Home Renovation Cost?

Name: Full Home Renovation: Average Costs - Jacaranda Finance
Brand: Jacaranda Finance
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Are you planning on making some home improvements? Renovating an entire home is a huge task, and the costs involved can be overwhelming.
Hope Turner | 10 mins read

Hope Turner

Marketing and Communications Coordinator

Hope is Jacaranda’s Marketing & Communications Coordinator. With several years of copywriting experience specialising in Social Media content, she is responsible for writing and updating website content and articles, updating social media, and everything in between!

You can get in touch with Hope via hopet@jacarandafinance.com.au.

The average cost of a full home renovation in 2024

Many Australians have decided to renovate their homes and will do so in their lifetime. Many choose to invest in improving and renovating their houses to add value and gain a higher return on investment when selling them in the future. At the beginning of 2024, nearly half of Australian homeowners were planning to renovate their homes during the year.

Of the 1,581 homeowners surveyed by Houzz for their 2022-2023 Overview of Home Renovation report, 48% of recipients with renovation plans had a median budget of $35,000 in 2022 - a 60% jump from $21,000 in 2020. Homeowners with higher-budget renovations planned to spend $200,000 in 2022.

According to Architecture and Design, 50% of all full house renovations in Australia can cost anywhere between $40,000 and $300,000. This is heavily dependent on a variety of factors like geographical location, the size of the home, materials used and many more, which we’ll discuss later.

Average renovation costs in the most expensive states for 2022

State	Cost
VIC	$71,000
NSW	$66,600
QLD	$60,500
ACT	$60,000
National Avg	$63,500

* Average costs sourced via Architecture and Design

How much does it cost to renovate each room?

Even if you’re planning to renovate your entire home, it’s worth outlining the average cost per room. There are many popular home renovations, and each room requires different furnishings, appliances, and fittings, which can greatly affect the cost.

The following lays out the average cost of each room according to HiPages. Click each link below to jump to each room:

Average renovation costs per room in 2024:

Kitchen: $10,000 - $45,000
Bathroom: $10,000 - $35,000
Living/dining room: $10,000 - $15,000
Master bedroom: $2,000 - $35,000
Outdoor area: $2,000 - $10,000
Home office: $6,000 - $16,000

Kitchen: $10,000 - $45,000

Kitchen renovations are often considered the most difficult in terms of time and money. Common expenses include purchasing new appliances, replacing old fittings, modifying plumbing and electricals, and demolishing existing structures for an open-plan space.

Bathroom: $10,000 - $35,000

Similar to kitchen renovations, stripping out existing fittings and purchasing new bathroom fixtures and appliances can be very costly. Tiling is another major expense in this room. According to the tiling store HiPages, the cost per square metre can run from $30 to $150.

Living or dining room: $10,000 - $15,000

These communal spaces are some of the most frequented by guests, so keeping these areas up to date is a must for many homeowners. Some of the main expenses involved are creating an open-plan space through the removal of walls, upgrading lights, power points, flooring, furniture, and painting the walls.

Master bedroom: $2,000 - $35,000

Some of the costs included in renovating most bedrooms include increasing storage through the installation of a new wardrobe, upgrading lights and powerpoints, and painting the walls.

One difference between many master bedrooms and other bedrooms in the house is the ensuite. Adding an ensuite to a bedroom could become quite costly, but could be worth the potential increase in the value of your home.

Outdoor area: $2,000 - $10,000

If you’re renovating the interior of your home, having an exterior to match could be the next step. Investing in a new lawn, updating your landscaping, and adding a patio or deck are some great ways to up the ante on your home renovations.

Home office: $6,000 - $16,000

Working from home has become a norm across many industries and organisations after the COVID lockdowns. According to a survey by Bates Smart (via Savings.com.au), 74% of working Australians who can do their job from home feel that working from home is as or more productive than working in the office.

This has led to many Australians building or renovating a dedicated home office for working-from-home purposes. Whether you decide to renovate an existing room in your home or build an entirely new office, this endeavour could be costly.

Factors that affect the cost of your home renovation

The cost of renovating your home can depend on a range of factors, with some of the most common ones being:

Size

The size of the space you’re renovating plays a large role in the cost. A small apartment is usually significantly cheaper than remodelling an entire family home, with the costs per square metre averaging $2,000 to $4,000.

Materials

According to CoreLogic’s Cordell Construction Cost Index (CCCI), the national residential construction costs for the 2024 financial year increased at a rate of 2.6%.

CoreLogic Construction Cost Estimation Manager John Bennett said the Cordell costings team found the overall de-escalation in construction cost increases was due to reduced pricing volatility among materials.

He said some categories, such as timbers and metal products, which are significant for residential construction for framing, trusses, floors, cladding and roofing, have also seen a reduction in price.

So, although the materials may have seen a slight decrease in cost, many other factors impact the cost of an overall renovation.

The extent of the renovations

Small refurbishments such as changing fittings and updating fixtures involve much smaller costs than completely changing the layout of your home. Demolitions, moving electrical outlets, and updating plumbing are some of the more hefty expenses involved in larger renovations.

Renovating could mean adding an extension to your home, which involves its own set of costs depending on your plans. According to HiPages, ground floor extensions cost per m² in Australia are between $2,000-$4,000.

Location

Renovation costs vary between states and even between cities. Online tools such as the realestate.com.au renovation calculator can help you get a better understanding of costs based on where you live.

Labour costs are often one of the biggest costs when it comes to renovating, and depending on where you live, hourly wages can vary. It can be valuable to shop around to ensure you’re making the most of your money.

Contractor

Quotes for renovation costs can vary depending on the contractor, even for the exact same job. Sometimes, a contractor with more experience and a good reputation may quote a higher price for your renovation. However, sometimes, this can be worth it to ensure your renovation will be cost-effective and efficient.

5 tips to save money on your next home renovation

As you can see, a full home renovation can be quite expensive. Here are some tips you could use to save some money along the way.

Get inspiration: Whether it be through Pinterest, family or friends, or even TV shows, having an idea of your goals and how you’re going to approach your renovation could save you from wasting time and money.
Make a detailed plan: Collate a detailed spreadsheet of the specific changes, purchases, and updates that need to be done per room to ensure there are no surprise expenses.
Allow plenty of time: Renovations could take months to finish, and understanding the timeframe, especially when liaising with contractors, could help you in the long run. Quick renovations can mean you’re cutting corners and could lead to costly mistakes.
Do your research: Researching costs of hourly rates, comparing the costs of raw materials, and comparing multiple contractor quotes can ensure you’re getting the most from your money.
DIY: While this generally isn’t recommended for larger jobs that require specialist work, you could save money on smaller home improvements by doing it yourself. Painting is a good example of a DIY project that could help cut down on costs. There are some great home renovation apps that can help you on your DIY journey.

Jacaranda Finance Renovation loans

A major home renovation may come with a hefty price tag, however, it can be a great investment for the future of your home. If you’re looking to renovate and can’t quite muster up the funds or would rather not part with the cost all at once, Jacaranda Finance could give you the financial boost you need and put that paint roller in your hand.

Jacaranda offers fast and flexible Renovation and Home Improvement Loans for up to $25,000 With manageable repayments spread out over loan terms of up to 48 months, you could get started on your home renovation sooner than you thought!

Apply now!