A kitchen renovation can be a big ticket item when it comes to your time and your budget. Such a big project will raise the value of your home and provide you with the updated kitchen you desire – but this can come at a significant cost. Before you get started renovating your kitchen, it’s a good idea to find out just how much a new kitchen costs and how that relates to your planned budget.
What Goes Into Your New Kitchen Cost?
There are several elements of a kitchen renovation that you need to consider in your budget. These include, but are not limited to:
- New materials, such as flooring and splashback
- Hiring tradespeople to do the necessary licensed work such as plumbing and electrical
These are just some of the general considerations. Additionally, you need to consider the types of materials you choose. For example, stone benchtops are more expensive than laminate benchtops. Custom cabinetry is far more expensive than ready made cabinets. Adding in kitchen accessories like corner units or having drawers instead of doors can also add to the cost. Styles like handleless kitchens cost more than cabinets with handles.
If you’re tearing out the floors and putting down new hardwood, that’s another place where the price will go up. Of course, the size of your kitchen matters, too.
But knowing that certain elements of your kitchen renovation will impact the cost, what might that cost actually be?
Kitchen Renovation Cost Averages
If we look at the data from the last few years, we can get an idea of what cost trends are going to look like in 2023. Survey results from 2021(from the 2020-2021 HIA Kitchen and Bathroom Industry Report.) show that the average price of a renovated kitchen installation was $29,155 across all of Australia. The average cost of a kitchen renovation can vary wildly between states and depends greatly on the scale of the project. For a larger-scale kitchen renovation in Victoria, your average cost will likely be between $30,000 and $40,000.
When it comes to kitchen components, cabinetry is the most expensive element of a new kitchen cost. Benchtops were the next most expensive, while you can expert your taps and sinks to be the least expensive.
Transportation of raw materials is to blame for a significant chunk of these figures. High shipping costs from 2022 have contributed to inflated prices for materials, and this trend looks set to continue in 2023.
Average Cost of Kitchen Renovation Components
|Item||Average Price||Item||Average Price|
|Cabinetry||$12,868||Plumbing Fit Out||$1,773|
|Benchtops||$6,600||Electrical Fit Out||$1,607|
All data sourced from the 2020-2021 HIA Kitchen and Bathroom Industry Report.
Renovating A Kitchen On A Budget
These prices listed above are just averages and are old prices. In 2022, the average price of a new kitchen increased. This estimate does not account for expected inflation which is predicted to be around 8% in 2023.
Despite price increases, you can still renovate your kitchen beautifully while still staying within a budget. As prices rarely decrease, it might even be better to start sooner rather than later.
If you have a strict budget, one way to keep costs down is to choose a laminate instead of stone benchtop or to order cabinetry in standard sizes rather than custom sizes. Standard size cabinets can fit any kitchen space without the need for bespoke cabinetry.
This is where speaking to an experienced Kitchen Designer is worth the time involved. They can help make suggestions to help keep your kitchen within budget while still keeping the functionality and aesthetics that you want.
While you can use these prices as a guide, be aware that a new kitchen doesn’t have to break the bank. With some clever choices, the kitchen of your dreams can be yours! Contact us today or stop in to our Nunawading showroom to schedule your kitchen consultation.