New Australian homes shrinking in size

Not too long ago, new Australian homes rivaled those of the United States. Times have changed:

The country’s homes — some of the biggest in the world — reached peak size in 2009 at an ­average of 222sq m for newly built houses and apartments combined, according to research under­taken exclusively for The Weekend ­Australian.

But the global financial crisis ­put paid to that. The average new home now stands at 192sq m, making it smaller than in 2001, senior KPMG analyst Simon Kuestenmacher found in an analysis of 15 years of data from the Australian Bureau of Statistics.

“Market pressures, a shift in values to ‘less is more’ and spending on experiences rather than material goods, especially among Gen Y, has put Australia on a trajectory towards smaller homes,” Kuestenmacher noted…

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Such trends regarding home sizes can fluctuate as economic conditions, local regulations, and cultural norms change. Now that the new home size has shrunk in Australia, will this continue for a long time? Hard to tell.

I also like the extra analysis that breaks down home size by location: there is not necessarily a singular trend in a country. While much analysis of home size in the United States relies on the single figure produced by the Census each year, I imagine there are some disparate trends across cities and regions in the U.S.

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