Real Estate

gold coast apartments contributing to the average australian homeaes reduced size

Written by The ReReport

The rise of apartments on the Gold Coast is contributing to the average Aussie home’s reduced size.

THE rise of apartments on the Gold Coast is dragging down the average size of the Australian home.
New data from the Australian Bureau of Statistics shows the average new home built in the past financial year was 186.3sq m, down 1.6 per cent from the previous year.
It marked a 22-year low, making the average residence the smallest it has been since 1996.
Craig James, chief economist at CommSec who commissioned the data, said the reduced size reflected the increase in apartments across the country, with more than half of new buildings in that category.
“Generation Y, Millennials, couples and small families want to live closer to work, cafes, restaurants, shopping and airports, and are giving up living space for better proximity to the desirable amenities,” he said.

ChopperAbout 27 per cent of new homes being built eight years ago were apartments but now they account for 46 per cent.

REIQ Gold Coast zone chairman Andrew Henderson said the ageing population was also driving demand for apartments on the Coast.
As apartment buildings skyrocketed in the city’s heart, Mr Henderson said many older homes in surrounding areas were being demolished so the blocks could be subdivided.
“People want convenience and location,” he said.
“(They want) to be close to shopping and transport.”
Mr Henderson said homeowners no longer had the time to maintain a back yard or large house so living in an apartment was more practical.

The average Australian home is now the smallest it’s been since 1996.

“You will get plenty of people now that don’t want to mow their back yard anymore,” he said.
“Someone else looks after all the common areas (of an apartment building).”
While houses across the country are 8 per cent bigger than those built 20 years ago, a surge in the number of apartments being built has reduced the average size of dwellings.
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According to the ABS data, the average apartment used to be 140sq m but was now closer to 125sq m.
Further, about 27 per cent of new homes being built eight years ago were apartments whereas they now accounted for about 46 per cent.
Gold Coast couple Michael and Vickie Ryan recently bought an apartment in The Rayjon Group’s 15-level Vantage development at Benowa, which they said was central and more convenient than a house.

Michael and Vickie Ryan have recently bought a property in the $200 million master planned Vantage community at Benowa.

“We raised our family in the country before moving to the Coast,” Mrs Ryan said.
“This location – close to shops, restaurants and all the services we need – offers the best of both worlds,” Mrs Ryan said.
“We have plenty of room for family, so many friends nearby and everything we need is on our doorstep. There is no need to move.”

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