26 March 2024 | See disclaimer
In our latest survey, we spoke to 1,002 Australians aged 18 years and over to find out what Australians think about current property prices.
We also compared these results to the latest data from the Australian Bureau of Statistics and our previous survey on Australian Property Prices to better understand trends and how changes in the property market impact Australians' abilities to buy a home.
Quick Stats
- Of those surveyed, 70% of 18-27-year-olds are interested in purchasing a property in the next two years.
- More than 53% of Australian respondents believe their position in the property market has changed in the last 12 months.
- More than 40% of Australian respondents think it’s still worth buying a home in the current property market.
Australian Property Prices
Total Value of Household Stock in Australia Over 10 Years
Over the last ten years, the estimated value of all residential properties in Australia has increased steadily up until 2020. In 2021 there was a significant increase in the estimated value of residential properties and this figure has continued to rise. [1]
Mean Price and Number of Residential Dwellings December 2023
Median Price and Number of Established House Transfers in 2023
States |
Price |
Number of Established House Transfers |
|---|---|---|
Sydney |
$1,360,000 |
12,208 |
Melbourne |
$840,000 |
11,089 |
Brisbane |
$830,000 |
8,342 |
Adelaide |
$760,000 |
4,864 |
Perth |
$665,000 |
6,836 |
Hobart |
$701,100 |
515 |
Darwin |
$585,000 |
305 |
Canberra |
$980,000 |
879 |
Sydney had the highest median residential price (of any capital city), followed by Canberra, Melbourne and Brisbane. Sydney also had the highest number of moves, followed by Melbourne and Brisbane. [1]
States |
Price |
Number of Established House Transfers |
|---|---|---|
NSW |
$712,000 |
11,853 |
Vic |
$570,000 |
4,183 |
Qld |
$575,000 |
10,281 |
SA |
$425,000 |
1,789 |
WA |
$450,000 |
2,073 |
Tas |
$528,000 |
831 |
NT |
$472,500 |
70 |
The rest of New South Wales (outside of Sydney) also had the highest median residential price. The rest of New South Wales also had the highest number of moves, closely followed by Queensland. [1]
Australian Housing Values
According to CoreLogic's national Home Value Index, Australian house values have increased by 8.1% in the housing market during 2023 [2]. Australia's capital cities recorded stronger value growth than regional areas, despite large disparity.
This is a reversal of an early COVID-19 trend where regional areas saw more housing demand due to Australians migrating internally within states. This has led to significant capital gains in the housing market and less housing affordability in regional areas. [2]
Housing affordability challenges and housing stock levels have remained significantly below average for a substantial time. [2]
In Queensland, a new Housing Availability and Affordability Bill 2023 has been proposed to improve planning framework responses to low housing stock.
Moving forward, CoreLogic has predicted that changing interest rates and weaker economic conditions will be key factors in influencing housing market trends in the coming year.
Annual Changes in Capital City House Values
The housing market performance varied greatly across each capital city. Perth had the highest annual change in property value, followed by Brisbane and Sydney. While home buyers in Darwin, Canberra and Hobart saw a downturn in home values.
Melbourne was the only capital city that increased annually and was still below the national annual change.
The combined capitals saw a larger increase by 9.3% annually while combined regional areas only increased by 4.4%. [2]
Australian Property Price Survey Results
Which of these statements best describes your position in the housing market?^*
^Due to how the figures are rounded within the survey data, numbers may not add up to exactly 100%
*Respondents were able to select more than one response
There are 1 in 2 Australians looking to buy a property in the next two years.
More than 55% of male respondents are looking to purchase a property in the next two years.
Of those who were surveyed, 70% of 18-27-year-olds are interested in purchasing a property in the next two years.
Nearly 55% of respondents from Victoria were interested in buying a property in the next two years.
The number of Australians looking to buy a property has increased since 2022.
How would you describe the change in property prices in your state over the last 12 months?^
^Due to how the figures are rounded within the survey data, numbers may not add up to exactly 100%
Nearly one-third of Australian respondents said there was a significant increase in property prices in their state over the past 12 months.
More than 35% of female respondents said there was a significant increase in property prices, compared to only 22% of male respondents.
There are 6% of respondents aged 18-27 who said there was a decrease in property prices in their state over the past 12 months.
More than 40% of respondents from Queensland said there was a significant increase in property prices over the past 12 months. This was higher than all other states.
More than 46% of Australian respondents said there was a significant increase in property prices in 2022 compared to 30% of respondents in 2024.
How have recent property prices in your area influenced your financial situation?^
^Due to how the figures are rounded within the survey data, numbers may not add up to exactly 100%
Nearly 47% of Australian respondents said there was no change to their financial situation due to recent property prices.
Nearly a quarter of 28-37-year-old respondents said their financial situation improved slightly.
In 2022, most respondents said there was no change to their financial situation - this trend continued into 2024.
Ideally, what would you like to see happen to property prices in your local region over the next 12 months?^
^Due to how the figures are rounded within the survey data, numbers may not add up to exactly 100%
There was 1 in 5 Australian respondents who said they wanted no change to property prices in their local region over the next 12 months.
More than 18% of female respondents said they wanted property prices in their local region to decrease.
More than 20% of respondents aged 28-37 said they wanted property prices to decrease in their local area over the next 12 months.
Respondents from Western Australia were most likely to say they wanted no change to property prices.
What do you expect to happen to property prices in the next 12 months?^
^Due to how the figures are rounded within the survey data, numbers may not add up to exactly 100%
A third of Australian respondents said they expect property prices to rise slightly in the next 12 months.
Nearly 50% of respondents aged 58-63 said they expect property prices to rise slightly over the next year.
Do you believe your ability to purchase a home in the current property market has changed in the last 12 months?^
^Due to how the figures are rounded within the survey data, numbers may not add up to exactly 100%
More than 53% of Australian respondents believe their position in the market has changed in the last 12 months.
Almost two-thirds of respondents aged 18-27 believe their position in the market has changed as a result of the current property market.
Nearly 65% of respondents from South Australia believe that their ability to purchase a house has changed due to the current market.
Would you be prepared to buy a property that didn't meet your needs because it was more affordable?^
^Due to how the figures are rounded within the survey data, numbers may not add up to exactly 100%
Almost 40% of Australian respondents are not prepared to buy a property that doesn’t meet their needs despite being more affordable.
Half of respondents aged 18-27 years old said they would buy a property that was more affordable even if it didn’t suit their needs.
More than 40% of Western Australian respondents said they were prepared to buy a property that didn’t meet their needs, even though it was more affordable.
Do you think it's still worth buying a home based on the current state of the property market?^
^Due to how the figures are rounded within the survey data, numbers may not add up to exactly 100%
More than 40% of Australian respondents think it’s still worth buying a home in the current property market.
Nearly 45% of respondents aged 38-47 said it was still worth buying property.
South Australian respondents were most likely to say it’s still worth buying property in the current market.
Key Findings
Younger Australians really want to enter the property market
While 70% of 18-27-year-olds are interested in purchasing a property in the next two years, almost two-thirds of this age group believe their position in the market has changed as a result of the current property market.
Also, half of respondents aged 18-27 years old said they would buy a property that was more affordable even if it didn’t suit their needs.
Respondents from South Australia and Western Australia felt the most change in the property market
While nearly 65% of respondents from South Australia believe that their ability to purchase a house has changed due to the current market, they were most likely to say it’s still worth buying property in the current market.
Respondents from Western Australia were most likely to say they wanted no change to property prices. And more than 40% of Western Australian respondents said they were prepared to buy a property that didn’t meet their needs, even though it was more affordable.
