Housing market: Blocks are getting smaller, prices are getting larger

Housing affordability continues to deteriorate across most of the country, with a new report showing the average block size has shrunk 13 per cent in capital cities over the past decade. But the cost per square metre has not reduced - meaning buyers are effectively paying more -- for less

Houses are seen in Brisbane, Friday, February 10, 2023. Queensland housing advocates are calling for the state government to put limits on the amount and size of rent rises allowed each year. (AAP Image/Jono Searle) NO ARCHIVING Source: AAP / JONO SEARLE/AAPIMAGE

Domain's new Housing Affordability report shows Sydney is the most expensive city based on block size - costing an average of $2400 per square metre.

Buyers are likely to find greater value in Adelaide, Brisbane and Perth at around half the price.

The state and territory break down of figures in the report shows house prices in Sydney, Brisbane and Canberra saw an easing pace of quarterly decline, while Melbourne, Adelaide and Hobart stabilised.

The appetite for units amidst the cost of living crisis persists with prices outperforming houses in the December quarter in Sydney, Brisbane, Adelaide and Darwin, while Melbourne unit prices are in the fastest annual decline in the city’s history.

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