Thursday, December 03, 2009

Australians opt to better utilise their bigger homes

InsideStory followers,

CommSec pulled a great piece of research out of the hat this week and made really interesting reading. Here are some exerts from the report to tempt you to read on……

· NSW still 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 262.9m², followed by Queensland (253.0m²), Victoria (249.5m²), Western Australia (243.9m²), ACT (239.4m²), Northern Territory (232.3m²), South Australia (195.2m²), and Tasmania (190.6m²).

· The other interesting figures released recently relate to housing mobility. The Bureau of Statistics report for the 2007/08 year show that less than half of all households had moved in the past five years to (43.4 per cent). Those that were more likely to have moved in the past five years were private renters (85 per cent) while only 15 per cent of homeowners without a mortgage had shifted premises and 42 per cent of those with a mortgage.

· When the same question was asked a decade ago, 73 per cent of people had moved house in the past five years. All groups had moved more often, including homeowners (56 per cent) and mortgagees (67 per cent).

So in simple terms, figures suggest that an extra 166,000 homes would have been needed had not Australians opted to better utilise their bigger homes over the year

CommSec Report - Economic Insights (pdf)

This summary report into house sizes is an easy read and worth taking a few minutes to look at. For real estate agents, the drop off in mobility will put a shiver down your back bone!!


Anthony Toop, Managing Director.

© Toop Real Estate Group

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