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Residential housing market in Australia - statistics & facts

The Australian residential housing market has transformed considerably over the past few decades. For many people in the country, especially those wanting to live in urban centers, the home-ownership dream has become increasingly difficult. Today, housing affordability affects almost every Australian and is an issue that has been addressed in many governmental policy debates.

Economic constraints and changing lifestyles have affected the buying and renting habits of households. According to the latest census data, homeowners with a mortgage made up the largest share of household occupancy in Australia. Just under 30 percent of Australian households own their property outright. Meanwhile, the share of households that are renters has increased overall to almost 30 percent of private housing. Rental costs have increased over the last decade, intensifying the problem of housing affordability further.

Increasing value of property across the country

Excluding periods of economic uncertainty, the annual growth in residential house prices in the country has remained strong. The median house value in major Australian cities has continued to reach new heights, with Sydney and Melbourne leading residential property price growth. House values are significantly higher in larger cities, with the median value of residential houses across Australia ranging from almost a million Australian dollars in Sydney, to half of that in Adelaide.

The big four banks dominate the mortgage lending market in Australia, with around a quarter of the lending value attributed to Commonwealth Bank alone. The value of mortgage debt outstanding in Australia peaked at over two trillion Australian dollars in 2021, indicating a strong demand for purchasing homes from both owner-occupiers and investors.

Housing bubble about to burst?

Australia’s swift response to the COVID-19 pandemic contributed to an overall positive sentiment toward economic recovery. The Australian residential real estate market continued to reach new heights in home prices. Fewer homes on the market, along with low mortgage interest rates saw an influx of new buyers eager to get on the property ladder. However, in early 2022, there have already been multiple interest rate increases. This may lead to a drop in property market prices and buyer demand.

Interesting statistics

In the following 5 chapters, you will quickly find the 34 most important statistics relating to "Residential housing market in Australia".

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