According to the ABS and Commsec we have overtaken the USA for the title of the largest houses in the world. Spurred on by the pandemic and lengthy lockdowns, the average size of our homes have increased predominantly through the increased number of renovations, which has also been supported by the government HomeBuilder stimulus grant of $25,000 to build a new home or substantially renovate an existing home.
The virus crisis has been driving the ‘great lifestyle re-evaluation’ phenomena. How long this will last post a vaccine is unknown. A side effect of increasing the foot print of our homes is increased median property values. Our overwhelming desire for large homes plays a role in our properties being among the most expensive in the world. The fact that we are able to afford to build the largest homes in the world is another reminder that broadly speaking we are fortunate to be living in Australia.