Growth in apartments shrinks the size of Aussie homes

Growth in apartments shrinks the size of Aussie homes
Australian homes are still among the world’s biggest but the size has shrunk to a 20 year low with the demand for apartments rising.

A survey by CommSec and the Australian Bureau of Statistics found that the average new home is 189.8 square metres, down 2.7 per cent over the past year and the smallest since 1997.

At the same time, Australians are still building big free-standing houses.

According to CommSec’s data, the average new house built in 2016/17 was 233.3 square metres, the biggest in four years and more than 11 per cent bigger than 20 years ago. Indeed, the average house built today is over 30 per cent bigger than 30 years ago

At the same time, however the size of the average Australian home is shrinking with the number of apartments being built.

Seven years ago around 27 per cent of homes built were apartments. Today, apartments account for almost half (47 per cent) of all homes built replacing older freestanding houses.

 



Business First is a peer-to-peer magazine: written by CEOs and other high level executives, with interviews with some of the country’s best leaders.


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