Damon Mcknight
There are various methods for measuring apartment sizes in Australia. The Property Council of Australia's Method of Measurement for Residential Property outlines standard guidelines for measuring apartments, which conform to the Building Code of Australia (BCA) 2006. This includes measuring external building walls and shared dwelling walls from the centre line. Balconies and terraces are typically excluded from the overall residential property area but may be measured separately. Gross square footage refers to the total area of an apartment, including structural elements, while net square footage refers to usable space, excluding these elements. Lenders may have specific criteria, such as requiring commentary on risk for apartments under 50 square meters. It is recommended to check the 'real' size of an apartment to avoid issues during settlement or sale.
| Characteristics | Values |
|---|---|
| Standard guidelines for measuring apartments | Property Council of Australia's Method of Measurement for Residential Property |
| Balconies and terraces | Excluded from the overall residential property area |
| Car parking spaces | Measured to the centre line of columns or centre line of line markings, whichever is greater |
| Storage rooms and cages | Measured to the inside of walls |
| Apartment size calculation | Length x Width (in feet) |
| Apartment size in Australia | Measured in squares or square meters |
| One square | 100 square feet or 9.29 square meters |
| Average floor area of a home in Melbourne | 250.3m2 or 26.942 squares |
| Lenders' restrictions | Living area should be at least 50 square meters |
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What You'll Learn
Lenders' restrictions on small apartments
Lenders can be cautious when approving home loans for apartments, especially smaller ones, as they use the property as security for the loan. If you default on your loan, they will want to be able to sell the property to recover the debt. However, small apartments can be harder to sell, so lenders may not want to take the risk.
Most lenders impose restrictions on the minimum size of an apartment. The apartment will typically need to be at least 45 or 50 square metres excluding the balcony and any car spaces to qualify for a loan. If your apartment is smaller than this, it may be difficult to secure funding. For apartments under 40 square metres, you will likely not be able to borrow more than 80% of the property's value, so you will need a deposit of at least 20%.
Some lenders will consider loans for studio apartments, but many will avoid them due to the higher risks involved, such as lower capital growth potential and challenges in selling the property on. Lenders may also be wary of high-density apartment developments, especially in certain postcodes, and may impose restrictions on loan amounts, capping them at 80% of the property's value.
If you are looking to buy a small apartment, it may be worth enlisting the services of a mortgage broker who can help you find suitable lenders. A larger deposit will also improve your chances of getting a loan approved.
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Property Council of Australia's guidelines
The Property Council of Australia's Method of Measurement for Lettable Areas provides guidelines for measuring floor space in leased premises. Formerly known as the BOMA Method of Measurement, these guidelines are now considered the standard for measuring floor space area in leased premises. The guidelines cover three types of area calculations used in commercial leases: Gross Lettable Area (GLA) for industrial buildings, showrooms, and freestanding supermarkets; Net Lettable Area (NLA) for office buildings and tenancies; and Gross Lettable Area Retail (GLA-R) for retail tenancies in shopping centres, commercial buildings, and strip shops.
The Property Council of Australia's guidelines for measuring residential property areas are outlined in their Method of Measurement for Residential Property. This set of guidelines adheres to the Building Code of Australia (BCA) 2006 Classification of Buildings and Structures. It recommends that all measurements should be rounded to one decimal point of a square metre unit.
- Measure external building walls, standard walls, and service facility walls to the external finished surface of the dominant portion of the walls.
- Measure shared dwelling walls from the centre line.
- Measure attic space or sloping walls from the point that provides a clear area of 1 metre above the floor level.
- Balconies and terraces should be excluded from the overall residential property area but may be measured separately. If included, measure to the dominant part of balcony rails and planters within the balcony or terrace.
- Measure car parking spaces to the centre line of columns or line markings, whichever is greater.
- Measure storage rooms and cages to the inside of walls.
- Measure heritage walls that abut a common internal area, such as a corridor, to the centre line of the existing heritage wall.
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Excluded areas like balconies
In Australia, balconies are typically excluded from the overall residential property area. They are considered bonus spaces and are not directly used for square footage calculations. However, they can be measured and identified separately.
The Property Council of Australia's Method of Measurement for Residential Property provides guidelines for measuring apartments. These guidelines are in accordance with the Building Code of Australia (BCA) 2006 Classification of Buildings and Structures. According to these guidelines, external building walls, standard and service facility walls should be measured to the external finished surface of the dominant portion of the walls. When measuring shared dwelling walls, the midpoint should be used as a reference. Attic spaces or sloping walls should be measured from the point that provides a clear area of 1-metre above the floor level.
When measuring balconies separately, the dominant part of balcony rails and planters within the balcony should be considered. This is similar to measuring terraces, where the dominant part of the external face of terrace walls and planters is used as a reference.
It is important to note that lenders may have restrictions and tighter lending criteria regarding the size of apartments. Any valuation undertaken for a mortgage must include commentary on the risk if the unit's living area is less than 50 square metres. This requirement is not a valuer's opinion but an instruction from lenders that any potential risk must be identified.
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'Gross' and 'net' square footage
When it comes to measuring apartment size in Australia, it's important to understand the difference between gross and net square footage. Gross square footage refers to the total area of the apartment, including all interior spaces, while net square footage refers to the livable or usable area, excluding certain features.
Gross square footage takes into account the overall footprint of the apartment, encompassing all interior spaces within the walls. This includes not only the living areas, bedrooms, and bathrooms but also You may want to see also Standard Guidelines for Measuring Apartments The Property Council of Australia's Method of Measurement for Residential Property provides standard guidelines for measuring apartments. These guidelines conform to the Building Code of Australia (BCA) 2006 Classification of Buildings and Structures. Here are some key recommendations: Using a Tape Measure and Calculators To calculate the size of a room, use a tape measure to record the length and width of each room. Then, multiply these figures to obtain the area of each room. Sum up the areas of all rooms to determine the total size of the apartment. This method is especially useful for rectangular rooms. For rooms with irregular shapes, it is recommended to divide the room into rectangular sections. Calculate the size of each rectangle separately and then add up all the values to obtain the total area. Online calculators can be very helpful for these calculations, allowing you to input dimensions and choose the correct units of measurement. Additional Considerations When calculating room sizes, it is important to consider all aspects of the apartment, including common spaces, bedrooms, bathrooms, living rooms, dining rooms, and extra rooms. Additionally, storage spaces, such as storage closets, contribute to the overall calculation, even though they are generally smaller in dimension. It is also worth noting that lenders may have specific requirements for apartment sizes, especially if the living area is less than 50 square metres, which can result in tighter lending criteria. You may want to see also The standard guidelines for measuring apartments in Australia are outlined by the Property Council of Australia's Method of Measurement for Residential Property. This method adheres to the Building Code of Australia (BCA) 2006 and recommends rounding measurements to one decimal point of a square metre unit. The external and shared dwelling walls, attic or sloping walls, common walls to stairs, lifts and ducts, voids over spaces, and interior hallways and corridors. Balconies and terraces should be measured separately. Car parking spaces, storage rooms, and cages should also be measured separately and are not included in the total residential property area. "Gross" square footage includes the total area of the apartment, including wall thicknesses, columns, and other structural elements. "Net" square footage refers to the usable or livable space within the unit, excluding structural elements. Measure the length and width of the room and multiply these figures to get the area. For rooms with angular or round walls, more advanced calculations are needed.Public Smoking in Australia: Is It Banned?
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Calculating room sizes
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Frequently asked questions
