View the ABS’s latest data on Australian property prices, and the results of our latest survey of Australians’ attitudes toward the property market, in our latest report.

Quick Stats

  • Over 50% of Australian survey participants have either bought a property in the last 2 years, or are looking to buy property in the next 2 years
  • Queensland-based survey participants had one of the highest rates of feeling property prices had increased, matching actual property prices
  • Almost 30% of respondents want to see property prices continue increasing
  • Only 12.7% of Australian respondents definitively believe that house prices in the last 12 months haven’t benefited Baby Boomers more than Millennials.

Property carries very different significance for different people. For some, it’s a home - the sentimental building that forges a family. For others, it’s security and comfort. And for quite a number of Australians, it’s a sound financial investment option.

To understand the current climate of the Australian housing market, and how that has impacted the behaviours and attitudes of Australians, we collected the Australian Bureau of Statistics’s latest data, and surveyed 965 Australians 18+ through Pure Profile.

1.0 ABS Property Price Data
2.0 Australian Property Price Survey Results
3.0 Key Findings

1.0 ABS Property Price Data

1.1 Australia’s Residential Dwelling Data Over 10 Years*

Prices
Number

*Price means, and numbers of dwellings were based on the figures from December of each year. % changes compared December of that year with December from the previous year.

While the rate of growth for the number of residential dwellings has remained fairly consistent (roughly 1.5% to 2.2% growth per annum), rates of changes to the mean price have been anything but. In 2021, the annual growth for mean prices was an astronomical 23.7% in one year. But 3 years prior, property had diminished by 4.1% year on year.

1.2 Residential Dwelling Data Per State in 2021

Prices
Number

No Australian state or territory experienced significantly different growth in the number of residential dwellings from 2020 to 2021. But again, the change in mean dwelling price varied majorly between states and territories. Queensland and Tasmania both experienced almost 30% growth year-on-year, and another 4 states/territories increased in mean residential dwelling price by over 20%. The most significant outlier in the results was the Northern Territory, which only grew by 6.6%.

1.3 Median House Price for Geographic Regions in 2021**

Capital Cities
Rest of State

**Price medians and numbers of dwellings were based on the figures from December of 2021. Prices only consider “Established Houses”, not any “Attached Dwellings” (flats, units and apartments plus semi-detached, row and terrace houses).

Surprisingly, areas outside of capital cities experienced some of Australia’s highest growth in the 12 months from December 2020 to December 2021. Established houses within New South Wales, outside of Sydney, experienced an increase to their median price by 45.5%. Elsewhere, houses outside of Melbourne in Victoria, and outside of Brisbane in Queensland experienced growth to their median price by over 30%.

1.4 Concentrations of All Dwellings in Capital Cities

NSW
VIC
QLD
WA
SA
TAS
NT

In most instances, data show that Australians are increasing their rates of living outside of capital cities. Particularly in New South Wales, 2012 data show that 67.8% of dwellings were classified as within Sydney. By 2021, this was down to only 41.7%.

The Northern Territory was the only region that didn’t follow this trend, with similar rates of the population living within Darwin 10 years ago as they did in 2021.

2.0 Australian Property Price Survey Results

2.1 Over 50% of Australian respondents have recently bought a home, or are looking to buy soon

Which of these statements best describes your position in the housing market?*

Australia
By State
By Age
1 I am looking to buy a home/property in the next 2 years
2 I have bought a home/property in the last 2 years
3 None of the above
 

I am looking to buy a home/property in the next 2 years.

I have bought a home/property in the last 2 years.

None of the above

NSW

45.1%

15.9%

41.6%

Vic

36.3%

14.5%

49.6%

Qld

34.9%

20.4%

46.8%

WA

30.6%

21.4%

51.0%

SA

24.0%

14.7%

62.7%

Tas

31.8%

9.1%

59.1%

 

I am looking to buy a home/property in the next 2 years.

I have bought a home/property in the last 2 years.

None of the above

18-24

47.3%

16.4%

37.3%

25-34

55.0%

21.6%

26.1%

35-44

38.3%

22.1%

41.9%

45-54

29.3%

10.5%

60.8%

55-64

17.6%

10.1%

73.9%

65+

36.4%

0.0%

63.6%

*Participants were able to select both “I am looking to buy a home/property in the next 2 years” and “I have bought a home/property in the last 2 years”. This means that total results may not equal 100%.

52.2% of Australian respondents suggested they either bought a property in the last 2 years, or they are looking to buy in the next 2. This shows that a significant portion of Australians are actively in the property market. A very small percentage of our participants selected both options - indicating they have both recently bought property, and they will again soon.

These respondents will be used to further compare other questions in our survey.

2.2 Respondents agree that Australian house prices have increased significantly in the last 12 months

How would you describe the change in property prices in your state over the last 12 months?

Australia
By State
By Age
By Market Position
1 2 3 4 5 6 7

Significant Decrease

Decrease

Slight Decrease

Stayed the Same

Slight Increase

Increase

Significant Increase

Respondents in almost every state, age bracket, or position in the housing market can agree that house prices have increased in the last 12 months. However, older Australians averaged to higher feelings of price increases than other age brackets. Also, those looking to buy soon have noticed the price increases more than those who bought in the last 2 years.

2.3 Overall, our Australian respondents average to feeling their financial situation has worsened due to recent property price changes

How have recent property prices in your area influenced your financial situation?

Australia
By State
By Age
By Current Home
By Market Position
1 2 3 4 5 6 7

Significant Decrease

Decrease

Slight Decrease

Stayed the Same

Slight Increase

Increase

Significant Increase

National Average: 3.84

Unsurprisingly, those that bought property in the last 2 months averaged a positive result for their financial situation - suggesting it improved with recent property price changes. However, those looking to buy soon have felt recent property prices have negatively impacted their financial situation.

Similar trends occurred between respondents who own their home, and those that rent their home. Renters felt significantly worse off, whereas owners feel noticeably better off.

Older participants also tended to benefit financially, compared to younger participants.

2.4 Australian respondents can’t agree on whether property prices should increase or decrease in the next 12 months

Ideally, what would you like to see happen to property prices in your local region over the next 12 months?

Australia
By Age
By Current Home
By Market Position
1 2 3 4 5 6 7

Significant Decrease

Decrease

Slight Decrease

Stayed the Same

Slight Increase

Increase

Significant Increase

National Average: 3.57

The extremely even distribution between 1 and 7 in our survey suggests that Australians vary widely in how they think property prices should change. Unsurprisingly, those looking to buy in the coming 2 years would prefer to see decreases, whereas those who bought would rather see increases. Again, those who rent would like to see significant decreases to property prices.

But across Australia, the average result shows that overall, Australians would rather see house prices decrease, rather than increase further.

2.5 Around 41% of Australian respondents believe ‘Baby Boomers’ have benefited more from recent property prices than ‘Millennials’

Do you think that the rise in Australian property prices in the last 12 months has benefited 'Baby Boomers' more than 'Millennials'?

Australia
By Age
By Market Position

Respondents tended to favour an impartial response, not concluding whether ‘Boomers’ had benefited more than ‘Millennials’. However, this impartiality faded for younger/older Australians. 50% of those aged 18-24 agreed that ‘Boomers’ surveyed had indeed benefited from recent property price rises.

As respondents grew older, their impartiality/sympathy for ‘Boomers’ tended to grow. That was, until respondents aged over 65+, who agreed significantly that ‘Millennials’ had been dealt the worse hand. This could also correlate to those over 65 showing in Q3.1 that 36% of this population are looking to buy property in the next 2 years.

3.0 Key Findings

Property Prices Exploded in 2021

Whether it was the national mean sale value for private dwellings, the value of houses in capital cities, or the value of houses outside of state capitals, property prices experienced widespread, significant growth. Queensland experienced the highest growth of any Australian state/territory, growing by well over 30% in mean sale value from December 2020 to December 2021.

The Australian Population are Feeling the Pinch

Our survey results found that the average Australians’ financial situation was negatively influenced by the change in house prices in 2021. Particularly those looking to buy in the next 2 years and current renters, the recent changes have severely negatively impacted their financial situations.

Overall, the Australian population would prefer to have property prices decrease in the next 12 months.

Property Prices Have Benefited Those 55+

When asked how property prices have impacted participants’ financial situation, respondents over 55 years of age suggested theirs had improved. However, every other age bracket noted averaged decreases to their financial situations.

Further, participants tended to believe that ‘Baby Boomers’ had benefited more from property price changes than ‘Millennials’. Only 13% of respondents could definitely say that ‘Baby Boomers’ had not benefited more.