But prices of small homes were up 8.1% year over year in July, compared with 6.7% for large homes, reflecting the continuing importance of affordability for homebuyers.

The typical home that sold in the four weeks ending August 16 was 3.7% larger (1,772 square feet) than the typical home that sold a year earlier. Compare that with 0.4%, the average year-over-year growth rate from 2015 to 2019. Growth in the size of homes people are buying has accelerated since the onset of the coronavirus outbreak. The typical home that went off the market during a similar time period last year

One of Perth’s most iconic homes, built by high-profile businessman Alan Bond and his wife Eileen, has sold for $27.5 million, in what could set a property sales record for Perth this year.

The spectacular riverfront mansion at 89 Watkins Road in Dalkeith is believed to have been purchased by former bodybuilder Danny Pavlovich and his wife Suzie. Mr Pavlovich is the chief executive of Nutrition Systems, a distributor of supplements and nutritional products.

But the hefty price tag is well shy of the $50 million it was originally listed for in 2017 before Mr Bond’s real estate agent daughter