Higher Cost of Building a House in Australia

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According to a statistic in an insurance website, the cost of building a house gets increasing every year. They count from the construction in 1987 to 2012 in Australia and the statistic shows the extreme increasing where building a home in 2012 costs four times than in 1987. In 2011-2012 people cost about $282,000 and in 1987-1988 they only cost about $65,000. That means the lot price is getting much more expensive than 26 years ago and there are also several factors influence this high price.

Cost of Building a House: the House Size

The first announcement of the increasing cost of building a house was in the 2000s. The average percentage increase in a decade in 1987-1988 to 1997-1998 was about 5.5%, while in 1997-1998 to 2007-2008 was about 7.7%. Bigger houses today also influence the higher price that the census calculates the new homes today are a half bigger or on average 52.7% than the homes in the eighties. If we calculate the width area, in 1984-1985 it was only 162.4 square meters, while in 2008-2009 it was 248 square meters.

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Cost of Building a House: the Variety Grants

Aside of the increasing lot price and the width area, the variety grants from the State governments take a big role too. Each State has different policy, in example New South Wales government has $5000 grant, while Queensland which has removed systems of the eco-friendly hot water and water tank reduce a new house cost by $9000. The highest cost is in the Northern Territory, then followed by Australian Capital Territory and New South Wales.

The statistic and calculation above have shown you some proofs of the high cost of building a new house. Although it is only the statistic in Australia, but it already represents the whole costs in all continents, Asia, America, Africa, and Europe. If it only takes until 2012, we can presume it is getting higher in 2013, considering the more expensive everything at the market. The increasing cost of building a house statistic gives you some considerations before building private residences.

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