In the spirit of London’s famous red buses, Aussies are embracing a double-decker approach to living.

High residential housing block costs around Australia’s capital cities have seen an increasing number of two-storey homes being built as consumers seek maximum value for their hard-earned dollars.

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The Housing Industry Association’s (HIA) chief executive of industry policy and media Graham Wolfe says larger families in particular are “looking up” because these types of homes allow them to create extra space on smaller lots.

“The number of double-storey houses is on the rise,” Mr Wolfe says.

“The opportunity to add considerable extra space to a smaller size residential block is appealing to larger families, for example, or families with more than one generation living in the same house.”

Real estate agent Leo Dardha, Director of Hocking Stuart Yarraville, says the trend is a reaction to the high price and limited availability of land.

“To buy a bigger house with bigger land, affordability is now over a million dollars,” Mr Dardha says.

“The benefit of a double-storey home is … you’re taking advantage of the space in the air, which is free.” Photo: Shutterstock

“The benefit of a double-storey home is … you’re taking advantage of the space in the air, which is free.

“Land is so sought after. There isn’t a lot available anymore.”

A recent HIA report shows that more than 9000 double-storey houses were built by Australia’s largest volume builders in the financial year from 2013 to 2014, which is an increase of 12 per cent on the previous year.

According to Mr Wolfe, this is the highest number of double-storey homes built in nearly a decade – excluding 2009 to 2010, a year when a great deal of government stimulus was still in the system following the Global Financial Crisis.

Mr Wolfe adds with the proliferation of smaller lot sizes and the continuation of very low home loan interest rates, the number of double-storey houses is likely to increase further.

While double-storey homes may not suit older people who have trouble climbing stairs or buyers on limited budgets, they provide great opportunities for added value down the line.

Henley Properties managing director Peter Hayes says there is little doubt double-storey homes deliver better value for money than single-storey houses.

“The house you choose depends on your lifestyle, but double-storey homes give you more bang for your buck,” says Mr Hayes, whose company builds homes in Victoria, New South Wales and Queensland.

“The land component of a new house and land combination is far more than 50 per cent of the dollar content.

“Therefore for the square meterage of home and land it is better to go for the double-storey even it is more expensive to build than the single storey.”

Mr Dardha says the lifestyle benefits of a double-storey home are countless.

“The benefit of a double-storey home is more of a backyard and room for a pool or entertaining area,” he says.

“Having a double-storey rooftop or balcony, you could capture extra views which will enhance the property’s value.”

This story was brought to you by The New Daily using data and other information from its real estate content partner, realestateVIEW.com.au