Despite the average size of homes trending down, the average size of new apartments is at an 11-year high this year.

Still nearing a six-year high, the average free-standing house size in Australia is currently 229.3 square metres, down 2.9% from its seven-year high last year.

The average new home (houses and apartments) has also gone down by 0.4% to 195.8 square metres. 

But the average size of new apartments built over 2020/21 is at an 11-year high of 138.3 square metres.

According to CommSec economists, the desire for extra space brought on by Covid might be reflected in the bigger apartments being built. 

Leading the charge for biggest houses built is the ACT with the average house size of 259.3 square metres. 

For apartments, Victoria took the cake with an average size of 156.8 square metres.

But neither is home to the biggest overall homes; Western Australia took first place with the average home size of 214.8 square metres.

Queensland was 'notable' for building bigger houses and apartments over the past year, with the average home up 5.5% reaching an eight-year high of 205.8 square metres.

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Source: CommSec

Australia and the US building biggest homes in the world

It's often said that if the United States does it, Australia will shortly follow; this is true for building big houses.

Australia and the US continue to build some of the biggest houses in the world, but the average size of new homes fell in both countries over the past year.

The average home size completed in the US was 192 square metres, making US homes smaller than the average Aussie's abode, but still 'notably bigger' than most other countries.

Despite our homes being bigger in size, new research from Roofing Megastore revealed that Australia and the US are among some of the most affordable countries to buy a home in the world.

The US is the third most affordable country to buy a home, as the average annual salary is 15.01% the cost of a home that is 100 square metres in size.

Australia came in further down the list as the 15th most affordable country to buy a home, with the average annual salary 8.4% the cost of a 100 square metre home.

Temporary loan deferrals up by over $1 billion this month

Despite the number of hardship deferrals being on the decline according to research from Aussie, the number of deferred loans increased over the past month. 

As at 30 September, there's a total of $13.1 billion worth of loans on temporary repayment deferrals, up from $11.9 billion last month, according to the Australian Prudential Regulation Authority (APRA).

Of this, $11.5 billion is for deferred housing loans, making up 0.8% of all housing loans outstanding.

This comes as the average home price increases another 1.5% over the past month according to CoreLogic data. 

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LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees Max LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkComparePromoted ProductDisclosure
6.04% p.a.
6.06% p.a.
$3,011
Principal & Interest
Variable
$0
$530
90%
4.6 Star Customer Ratings
  • Available for purchase or refinance, min 10% deposit needed to qualify.
  • No application, ongoing monthly or annual fees.
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Disclosure
5.99% p.a.
5.90% p.a.
$2,995
Principal & Interest
Variable
$0
$0
80%
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  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
 Disclosure
6.09% p.a.
6.11% p.a.
$3,027
Principal & Interest
Variable
$0
$250
60%
  • No annual fees – None!
  • Get fast pre-approval
  • Unlimited additional repayments free of charge
 Disclosure
5.69% p.a.
6.16% p.a.
$2,899
Principal & Interest
Fixed
$0
$530
90%
  • Available for purchase or refinance, min 10% deposit needed to qualify.
  • No application, ongoing monthly or annual fees.
  • Flexibility to split your loan with both fixed and variable rates
 Disclosure
Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.

Important Information and Comparison Rate Warning

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