subscribe to our newsletter
Home sizes smallest in 20 years

Home sizes smallest in 20 years

New data analysis by CommSec has identified how the size of new homes has changed significantly over time.

CommSec chief economist Craig James said that there is a general move towards smaller sized dwellings.

“Australians continue to build some of the biggest houses in the world, but an increasing proportion of Australians — especially in Sydney, Melbourne and Brisbane — also want smaller homes like apartments, semi-detached homes and town houses. As a result, the average home size continues to fall — now at 20-year lows,” Mr James said.

“Despite Australia building on average some of the world’s biggest houses, we are still getting topped by our US counterparts whose houses are larger by around 5 per cent.

“But the average house size isn’t reaching new highs, having peaked around six years ago. There are still McMansions being built, but there are fewer of them.”

Mr James added that, state by state, Victorians are building the biggest houses in Australia, ahead of Western Australia and New South Wales.

“In the past year, the average size of houses built in both South Australia and Western Australia has lifted,” the chief economist said.

“In fact, South Australia built the biggest homes in records going back 30 years. And on average, Western Australian houses built in 2016/17 were just short of record highs for the state.”

Home sizes smallest in 20 years
mortgagebusiness

Latest News

Banks could tighten their credit policies further in the wake of the release of the financial services royal commission’s interim report, ...

National Australia Bank has announced that its cash earnings will be impacted by a total of $314 million as it refunds and compensates its c...

There has been a significant increase in calls to debt assistance services by seniors this year, including those struggling with their mortg...

FROM THE WEB

podcast

LATEST PODCAST: Emotional intelligence and its role in managerial structure

Is enough being done to ensure responsible lending?