Those looking to invest in property in Australia may find that the get more for their money than they would in Europe, an expert has claimed.
Michael Matusik of Matusik Property Insights wrote in his latest blog that, according to recent statistics from the Commonwealth Bank of Australia, the average floor area of a new property in Australia tops 214 sq m, up from 150 sq m 25 years ago.
"Our homes are much larger than those within Europe and even many American cities," he wrote.
Mr Matusik explained that this has occurred because the land component of a new house and land package constitutes around two-thirds of the total purchase price.
He said that a property developer could build a 250 sq m property for just $50,000 (£32,200) more than a 150 sq m house.
Back in February, Melbourne architect Norman Day told the Australian newspaper that people are not currently looking for mansions, but are seeking smaller, more energy-efficient houses instead.
Posted by Steve Douglas
