Average apartment size hits 11-year high

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on November 02, 2021 Fact Checked
Average apartment size hits 11-year high

The 'Covid-driven desire' for more space might be reflected in our homes, according to the latest data from CommSec.

Despite the average size of homes trending down, the average size of new apartments is at an 11-year high this year.

Still nearing a six-year high, the average free-standing house size in Australia is currently 229.3 square metres, down 2.9% from its seven-year high last year.

The average new home (houses and apartments) has also gone down by 0.4% to 195.8 square metres. 

But the average size of new apartments built over 2020/21 is at an 11-year high of 138.3 square metres.

According to CommSec economists, the desire for extra space brought on by Covid might be reflected in the bigger apartments being built. 

Leading the charge for biggest houses built is the ACT with the average house size of 259.3 square metres. 

For apartments, Victoria took the cake with an average size of 156.8 square metres.

But neither is home to the biggest overall homes; Western Australia took first place with the average home size of 214.8 square metres.

Queensland was 'notable' for building bigger houses and apartments over the past year, with the average home up 5.5% reaching an eight-year high of 205.8 square metres.

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Source: CommSec

Australia and the US building biggest homes in the world

It's often said that if the United States does it, Australia will shortly follow; this is true for building big houses.

Australia and the US continue to build some of the biggest houses in the world, but the average size of new homes fell in both countries over the past year.

The average home size completed in the US was 192 square metres, making US homes smaller than the average Aussie's abode, but still 'notably bigger' than most other countries.

Despite our homes being bigger in size, new research from Roofing Megastore revealed that Australia and the US are among some of the most affordable countries to buy a home in the world.

The US is the third most affordable country to buy a home, as the average annual salary is 15.01% the cost of a home that is 100 square metres in size.

Australia came in further down the list as the 15th most affordable country to buy a home, with the average annual salary 8.4% the cost of a 100 square metre home.

Temporary loan deferrals up by over $1 billion this month

Despite the number of hardship deferrals being on the decline according to research from Aussie, the number of deferred loans increased over the past month. 

As at 30 September, there's a total of $13.1 billion worth of loans on temporary repayment deferrals, up from $11.9 billion last month, according to the Australian Prudential Regulation Authority (APRA).

Of this, $11.5 billion is for deferred housing loans, making up 0.8% of all housing loans outstanding.

This comes as the average home price increases another 1.5% over the past month according to CoreLogic data. 


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Rates correct as of November 27, 2021. View disclaimer.


Image by Luke van Zyl on Unsplash

Disclaimers

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please click through onto the web site links.

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Rachel is a Finance Journalist, and joined Savings in 2021. Coming from a background in the FinTech space, her interests include the innovation of lending technology, property, investing, and more. With a passion for educating and informing people about their finances, she hopes to increase the financial literacy of everyday Australians.

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