Is demand for smaller apartments growing?

Is demand for smaller apartments growing?
Is demand for smaller apartments growing?

A Housing Industry Association fact sheet recently caught Property Observer’s attention for one particular statistic.

The HIA’s Window into Housing 2014 facts about the housing and construction industry in Australia included a fascinating look at the change in dwelling sizes since 2008.

New attached dwellings are now 5.4% smaller than their 2008 recorded counterparts, while houses are 0.6% larger, according to the HIA.

Despite this decrease in size, the recorded median house price for a detached dwelling is up 28.3%, while the median house price growth for an attached dwelling was up 25% since 2008.

In 2014, the average size of a new attached dwelling was 134 square metres, compared to 142 square metres in 2008 and 143 square metres in 2004. This is for attached dwellings of all types - including apartments.

Here's what the six year change looks like (on a very small scale, of course).

Is demand for smaller apartments growing?

{module Do you think the demand for smaller apartments is growing?}

Jennifer Duke

Jennifer Duke

Jennifer Duke was a property writer at Property Observer

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