According to the Bureau of Statistics, new houses in NSW are 100 sqm larger than 25 years ago, and may be the largest anywhere in the world! US figures show average size of homes is actually shrinking, down to 202 sqm, whereas NSW houses are now averaging 270 sqm.
The Reserve Bank comments that one in every seven new houses is simply replacing an existing house that has been demolished.
Glenn Stevens, the governor, stressed the importance of increasing the stock of housing, not just the size of houses.
One must reflect on how this increasing size, and hence purchase price, is distorting the statistics of house prices. Just because your neighbour has demolished a cottage and built a mansion does not make your house more valuable, despite the average price of houses in your street going up.
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