http://www.news.com.au/business/money/story/0,1,26418362-5013951,00.html
Australians have the biggest homes
By staff writers
news.com.au
November 30, 2009 12:00am
Australian homes grown by 10pc in 10 years
Rental market continues to rise sharply
Interest rates: Rates could stay steady
AUSTRALIANS have the world's largest houses, beating traditional champion the US, however the cost of renting is similarly expanding.
Data commissioned by CommSec shows the Australian house has grown on average by 10 per cent in the past decade to a record high of 214sq m, three times the size of the average British house.
But a second report from BIS Shrapnel has also forecast rents would continue to spiral with a rise of 5 per cent a year in Brisbane between 2010 and 2012 and similar levels in other capitals, the Courier-Mail reported.
It was estimated landlords would pocket an extra $2 billion nationally during the period.
According to CommSec, while the houses are getting bigger, so too are the families with the number of people in each household rising from 2.51 to 2.56, the first such rise in at least 100 years.
NSW has the biggest houses in Australia and by a large margin. The size of the average new house built in NSW in 2008-09 was 262.9sq m, followed by Queensland 253sq m.
"The increase in the size of the average family unit may mean that fewer new homes need to be built," CommSec's Craig James said.
"It makes sense. Population is rising, as is the cost of housing and the cost of moving house, so we are making greater use of what we've got.
"Children are living at home longer with parents and more people are opting for shared accommodation."
Had the number of persons per household remained unchanged, CommSec estimates that 166,000 extra homes would needed to have been built in the 2007-08 year.
"If the size of the average household continues to rise, there will be reduced demand for new houses and apartments," Mr James said.
"It is questionable whether Aussie homes can, or indeed should, continue to grow.
"Generation Y is already baulking at the cost of housing, choosing to stay at home longer with parents."
In Europe Denmark has the biggest homes (houses and flats), with an average floor area of 137sq m, followed by Greece (126sq m), and the Netherlands (115.5sq m).
Homes in the UK are the smallest in Europe at 76sq m.
No let-up in demand
Weekend auction clearances showed no let-up in demand ahead of tomorrow's Reserve Bank meeting that could lift interest rates for the third month in a row.
Sydney and Melbourne clearances continued to mirror the previous weekend's strong results.
Clearances were up in both Adelaide and Brisbane.
According to Australian Property Monitors, Sydney had a 66.9 per cent clearance rate compared with 65.3 per cent a week earlier.
Melbourne clearances were 74.2 per cent, compared with 75.5 per cent a week earlier. Adelaide clearances were 62.5 per cent and Brisbane 54.8 per cent.
Agents expect clearance rates to remain high until Christmas, with a frenzy of last-minute buying likely ahead of the December 31 end to the Federal Government's first-home buyers boost scheme.
Australians have the biggest homes
By staff writers
news.com.au
November 30, 2009 12:00am
Australian homes grown by 10pc in 10 years
Rental market continues to rise sharply
Interest rates: Rates could stay steady
AUSTRALIANS have the world's largest houses, beating traditional champion the US, however the cost of renting is similarly expanding.
Data commissioned by CommSec shows the Australian house has grown on average by 10 per cent in the past decade to a record high of 214sq m, three times the size of the average British house.
But a second report from BIS Shrapnel has also forecast rents would continue to spiral with a rise of 5 per cent a year in Brisbane between 2010 and 2012 and similar levels in other capitals, the Courier-Mail reported.
It was estimated landlords would pocket an extra $2 billion nationally during the period.
According to CommSec, while the houses are getting bigger, so too are the families with the number of people in each household rising from 2.51 to 2.56, the first such rise in at least 100 years.
NSW has the biggest houses in Australia and by a large margin. The size of the average new house built in NSW in 2008-09 was 262.9sq m, followed by Queensland 253sq m.
"The increase in the size of the average family unit may mean that fewer new homes need to be built," CommSec's Craig James said.
"It makes sense. Population is rising, as is the cost of housing and the cost of moving house, so we are making greater use of what we've got.
"Children are living at home longer with parents and more people are opting for shared accommodation."
Had the number of persons per household remained unchanged, CommSec estimates that 166,000 extra homes would needed to have been built in the 2007-08 year.
"If the size of the average household continues to rise, there will be reduced demand for new houses and apartments," Mr James said.
"It is questionable whether Aussie homes can, or indeed should, continue to grow.
"Generation Y is already baulking at the cost of housing, choosing to stay at home longer with parents."
In Europe Denmark has the biggest homes (houses and flats), with an average floor area of 137sq m, followed by Greece (126sq m), and the Netherlands (115.5sq m).
Homes in the UK are the smallest in Europe at 76sq m.
No let-up in demand
Weekend auction clearances showed no let-up in demand ahead of tomorrow's Reserve Bank meeting that could lift interest rates for the third month in a row.
Sydney and Melbourne clearances continued to mirror the previous weekend's strong results.
Clearances were up in both Adelaide and Brisbane.
According to Australian Property Monitors, Sydney had a 66.9 per cent clearance rate compared with 65.3 per cent a week earlier.
Melbourne clearances were 74.2 per cent, compared with 75.5 per cent a week earlier. Adelaide clearances were 62.5 per cent and Brisbane 54.8 per cent.
Agents expect clearance rates to remain high until Christmas, with a frenzy of last-minute buying likely ahead of the December 31 end to the Federal Government's first-home buyers boost scheme.
