According to the Houzz & Home Australia survey, which involved almost 10,000 respondents, over a quarter of renovations are driven by recent home purchases (29 percent).
"2016 was another strong year for the home renovation market, with homeowners continuing to invest in their homes," said Nino Sitchinava, principal economist at Houzz.
“While the majority of renovations are spurred by homeowners’ desire to upgrade a home they have lived in for some time, recent home purchases are also an important driver of home renovation activity.
“Recent homebuyers tend to do more, spend more, and are more likely to hire professionals to help with their renovation projects than other homeowners.”
Additionally, recent homebuyers are nearly twice as likely to renovate all of their interior spaces than the average home renovator (15 percent versus eight percent, respectively).
Half of the homeowners surveyed still plan to renovate in 2017, budgeting to spend an average of $47,000 with the kitchen and living room being the biggest priority.