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