Construction trends have changed in Australia: the average size of single-detached homes has declined while that of apartments has increased, according to the latest study by CommSec and the Australian Bureau of Statistics.
The average size of new homes built during the 2018-2019 fiscal year was 228.8 square meters, down 1.3% from the record of last year. This is the smallest average size since 2001
By the way, the size of an average Australian apartment has increased by 3.2%, reaching 128.8 square meters.
"Seven years ago, Australians were building the world's largest single-detached and independent homes, but since then, Australian homebuyers have bought apartments and smaller homes on smaller lots." , says the study.
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However, homes built in the past year were still significantly larger than those built in the 1980s and 1990s. According to the study, this fact is crucial for the trend of home prices.
"Not only are homes much larger than those built in the 1980s and earlier, but the level of design is now much higher: kitchens, bathrooms, flooring and high quality inclusions, like air conditioners, "he said.
Larger Apartments
The growing number of apartments built is a key trend in Australia in recent years. Apartments accounted for 41% of all housing units built in the past year, well above the 27% recorded eight years ago.
"The move to smaller apartments could mean that more of them need to be built to accommodate the growing population compared to single-family homes," the study says.
In addition, the growing number of buyers and tenants who prefer to live closer to cities with limited land has encouraged the construction of apartments and townhouses.
Read also: Why apartments are more profitable than apartments
Urban Consolidation
According to the study, state governments and the federal government are moving towards urban consolidation. As Australians continue to build some of the world's largest homes, a growing proportion of urban dwellers in cities like Sydney and Canberra now prefer smaller homes, such as apartments, semi-detached homes and townhouses.
"Generation Y, Generation Y, Staff Reductions and Small Families Want to Live Closer to Work, Cafes, Restaurants, Stores, and Airports, and Forgone Their Living Space to Closer to Amenities desirable, "says the study.
As urban consolidation continues, older older homes give way to apartments, pushing the completion of the works to record highs while permits to build homes have declined considerably.
"It is clear that the evolution of housing demand and supply, as well as the differences from one country to another, have important consequences for builders, developers, investors, Building materials companies, financiers and all levels of government – and the population is growing, there is a continuing need for more and more smaller homes to build, "said the study.
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