The Great Australian Dream of owning your own house or apartment seems to be shrinking, at least in the size of its ambition.
The total square meterage of both houses and apartments has decreased while blocks continue to offer less space, according to the latest Australian Bureau of Statistics (ABS) data.
For first-time buyers, this is an important element to consider as you search for a home.
It is important to understand that the property ambitions and desires that your parents had are not the same as those of your generation. Since 2012, we’ve seen the construction of smaller homes and an accompanying reduction in land size.
The ABS says new homes were 13% smaller in 2021 than in 2012, falling from 496sqm to 423sqm.
Floor space has edged downward most noticeably in Perth and Sydney (7%), while Melbourne has remained stable. The biggest impact has been on land size, with Brisbane and Adelaide increasing housing density more than any other city.
This makes sense, given increasing maintenance and utility bills, a home’s environmental impact and the need to maximise land use.
When going house hunting, it may be useful to write down a list of size considerations, noting all the pros and cons.
Age versus space
Given that properties, including houses, block sizes and even units, have increasingly shrunk in the past few decades, it may be worth considering an older place to secure extra space if that is important to you.
Length of stay
Consider how long you plan to live in this property. Is it just for a couple of years, or do you need somewhere that can adapt to your changing needs, perhaps starting a family? If it’s just a short-term space then be realistic about your actual needs for now. Do you need four bedrooms or will two do just fine?
Yard space
Do you have children or pets that need outdoor spaces to play? If the answer is yes then remember, a big back yard is not a must if you have adequate parkland, walking tracks or bike paths close by. This might be a way to cut down how much you need to spend.
Accommodating vehicles
If you would love to have a boat, campervan or the latest oversized 4WD, is there space to park any of these vehicles off the street? Look for a house on a corner block with side access, or a large front yard that makes it easy to back in your adventure vehicle. This might be more important to you than what the house actually looks like.
Storage
This is an important consideration when comparing properties. Two small units with equal total floor spaces can have stark differences in the number and size of cupboards. Try and visualise how you will use each storage space when you are conducting an inspection. Consider which kitchen offers you more cupboards, whether the size and location of the linen cupboard is sufficient and whether there is any lockable storage space in the allocated car park or elsewhere in the building.