At first, it was a kind of mystery to me, why the houses in Australia keep going up in prices. My logic was saying that over time the house is getting older, this is why it should become cheaper, but reality shows exactly the opposite. People with more experience in real estate were saying that it’s the land price that goes up, not the house.
This got me thinking that if land is the main factor in a real estate deal, then the bigger the block your house stands on – the better. But what is considered a big block? That question sent me chasing statistics, and I found a very useful source – HIA Economics group site.
Their research says that the average size of land blocks we build houses on got smaller over the time. The average size for Australian capital cities in 1993-94 was 802 square meters, and then in 2003-04 it went down to 735 square meters. But in Melbourne it is even smaller: in 1993-94 the average size was 716 square meters and in 2003-04 it shrunk to 571.