The recent study conducted by the Australian Bureau of Statistics (ABS) commissioned by the Commonwealth Bank of Australia’s CommSec shows that Australia has overtaken the U.S. in terms of home sizes largely due to the recession.
The study reveals that average US home sizes have become smaller in ten years due to the recession. On the other hand, the average floor space of new Australian homes reached 214.6 square meters in during the survey period. In a report by 9 MSN , CommSec chief economist Craig James states, “At face value, the increase in household size ... may not seem remarkable, but it appears to be the first increase in at least a century and perhaps the first since European settlement. It makes sense. Population is rising, as is the cost of housing and the cost of moving house, so we are making greater use of what we’ve got. Children are living at home longer with parents and more people are opting for shared accommodation.”
But we believe that this doesn’t mean that Australia isn’t affected by the recession. Some companies are feeling the global crunch too. Yet they’re still lucky enough to have a property market that has plunged so deeply (think: Las Vegas and San Francisco). In September, DailyMarkets.com reported, “National property values in Australia jumped by nearly 2% in August, a report by property information agency RP Data and fund management firm Rismark International said Wednesday. This is the largest rise in values since the RP Data-Rismark Home Value Indices began in January 2005.
According to the report, home values in Australia rose 1.9% in August, bringing the cumulative capital growth in the first eight months to a better-than-expected 7.9%. RP-Data said this is also the highest since the series began in 2005.”
Andy Denton is the COO of www.Realty.com. Realty.com is a real estate search portal, dedicated to connecting home buyers and sellers to trusting real estate services. Follow the Realty.com blog for up to date housing news and trends. And monitor local mortgage rates at RealtyGadget.com.
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