Nearly two in three homeowners are planning to renovate in the next six months, with the majority intending to spend up to $10,000 on their homes despite surging costs of materials and labour, research from tradie listings website hipages show.

The survey of 1005 homeowners conducted between September 27 and October 6 also found that about two-thirds of Australians would rather renovate their existing property instead of buying a new home, citing location and the potential to add value as their biggest reasons.