About the study
Money commissioned a survey of an independent panel of 1,003 Australians to discover whether homebuyers intend to purchase a property a lower price point and the actions they will take to reduce the cost.
The pool of survey respondents matches the age and geographical spread of the Australian population.
Would Australians wait to buy, or purchase a lower-priced property?
Money sought to uncover whether Australians would actively change their property buying behaviours or criteria to ensure they pay less for a property.
- 79% respondents said they would, if they were in the market for a property.
Will you try to purchase a lower-priced property?
Across the states
NSW, ACT and Victorian residents (79%, 80% and 79% respectively) are most likely to actively buy at a lower price point.
This compares with:
- 76% of Queenslanders
- 75% of South Australians
- 78% of West Australians
Respondents that will try to purchase property at a lower price point. By state
Across the age groups
Younger age groups are also more likely to look to buy property at a lower price point: - 86% of 18-34-year-olds.
Compared with:
- 82% of 35-54-year-olds
- 69% of over-55s
Will Australians actively try to find ways to purchase a property at a lower price point?
Response | I will |
|---|---|
Age: 18-29 | 86% |
Age: 30-54 | 82% |
Age: 55+ | 69% |
Response | I am not |
Age: 18-29 | 14% |
Age: 30-54 | 18% |
Age: 55+ | 31% |
| Response | Age: 18-29 | Age: 30-54 | Age: 55+ |
|---|---|---|---|
I will | 86% | 82% | 69% |
I am not | 14% | 18% | 31% |
Purchase at a lower price point across work status
Money also analysed the survey results across work status. A similar proportion of self-employed and employed respondents indicated they would try to purchase property a lower price point:
- At 90% and 85% respectively.
In contrast:
- Just 60% of retirees said the same.
Will Australians actively try to find ways to purchase property at a lower price point?
How does relationship status affect the response?
Survey respondents also identified their relationship status, with an interesting segment of this respondent pool revealing they aren’t interested in purchasing a property at a lower price point.
While a high proportion of respondents who indicated they were:
Engaged (91%)
In a relationship (85%)
De facto (83%)
Married (81%)
Would actively try to find ways to purchase a property at a lower price point
Just 49% of divorcees said they would do the same
What specific actions will property buyers take to purchase at a lower price point?
Respondents were asked to specify the actions they would take – from a list of five – to help them purchase a property at a lower price point.
- Nearly half of respondents (43%) said they would hold off on purchasing a property for a few months as they expect prices to continue to fall
- While 12% revealed they would purchase a smaller home
- And 11% would buy in a lower-priced area.
- Other steps respondents indicated they would take included buying an older home that required updates, as chosen by 9%
- And buying a property with family to create a multigenerational home (chosen by 4%)
If you were in the market to buy a property, would you do any of the following to help you purchase at a lower price point?
Respondents who would wait to purchase property. By state
Respondents across the states were similarly prepared to wait a few months before purchasing a property, in the hopes of a further price drop.
- More than half (56%) of ACT residents indicated they would wait to purchase a property
- Followed by 52% of West Australians
- 45% of South Australians,
- 43% of Queenslanders,
- And an equal 41% of Victorian and NSW residents.
Other actions respondents would take to reduce the cost of a property purchase. By state
A smaller proportion of respondents selected other actions to help reduce the cost of a property purchase, with minimal differences across the states. Specifically,
- 14% of NSW residents indicated they would buy a smaller home
- Followed by 13% of Queenslanders
- And an equal 9% of Victorians, South Australians and West Australians.
Purchasing an older home
More South Australians indicated they would purchase an older home
- At 13%
Compared with:
- 9% of West Australians
- And 7% of Queenslanders
Buying in a lower-priced area
A slightly larger proportion of Victorians would also buy in a lower-priced area,
- At 15%
- Followed by 13% of NSW residents
- 9% of Queenslanders
- And an equal 6% of South Australians and West Australians.
If you were in the market to buy a property, would you do any of the following to help you purchase at a lower price point?
Response | Wait a few months |
|---|---|
NSW | 41% |
VIC | 41% |
QLD | 43% |
SA | 45% |
WA | 52% |
ACT | 56% |
Response | Buy a smaller home |
NSW | 14% |
VIC | 9% |
QLD | 13% |
SA | 9% |
WA | 9% |
ACT | 6% |
Response | Buy an older home |
NSW | 10% |
VIC | 11% |
QLD | 7% |
SA | 13% |
WA | 9% |
ACT | 6% |
Response | Buy in a lower-priced area |
NSW | 13% |
VIC | 15% |
QLD | 9% |
SA | 6% |
WA | 6% |
ACT | 0% |
Response | Buy a property with family |
NSW | 4% |
VIC | 4% |
QLD | 4% |
SA | 3% |
WA | 3% |
ACT | 13% |
Response | I am not looking to purchase at a lower-price point |
NSW | 19% |
VIC | 20% |
QLD | 24% |
SA | 25% |
WA | 22% |
ACT | 19% |
| Response | NSW | VIC | QLD | SA | WA | ACT |
|---|---|---|---|---|---|---|
Wait a few months | 41% | 41% | 43% | 45% | 52% | 56% |
Buy a smaller home | 14% | 9% | 13% | 9% | 9% | 6% |
Buy an older home | 10% | 11% | 7% | 13% | 9% | 6% |
Buy in a lower-priced area | 13% | 15% | 9% | 6% | 6% | 0% |
Buy a property with family | 4% | 4% | 4% | 3% | 3% | 13% |
I am not looking to purchase at a lower-price point | 19% | 20% | 24% | 25% | 22% | 19% |
Actions respondents would take to reduce the cost of a property purchase. By age group
Younger Australians are more likely to wait a few months to ensure they pay less for a property:
- Nearly half 47% of under-35s indicated they would wait to make a purchase
- Compared with 42% of over-35s.
Across the age groups, there was slight variation between other actions respondents would take to help them purchase a property at a lower price point. Specifically,
- 13% of under-35s indicated they would buy a smaller home,
- Compared with 11% of over-35s.
A small proportion also indicated they would buy property in a lower-priced area:
- 13% of under-55s selected this action,
- Compared with 7% of over-55s.
A larger proportion of younger respondents would also purchase an older home:
- 11% of under-55s selected this action,
- Compared with 7% of over-55s.
If you were in the market to buy a property, would you do any of the following to help you purchase at a lower price point?
Does work status affect the actions respondents would take to reduce the cost of a property purchase?
Money also analysed the survey results across work status. Employed, self-employed and unemployed respondents were similarly prepared to wait to buy a property.
- An equal 45% of respondents who indicated they were unemployed or employed said they would wait a few months to help purchase a property at a lower price point
- Along with 44% of self-employed respondents.
- In contrast, just 36% of retirees said the same.
Respondents who indicated they were self-employed were also more likely to purchase a smaller home,
- At 16%
- This was followed by 12% of those who said they were employees,
- 11% of retirees
- And 6% of respondents who are not employed.
More employed and self-employed individuals would also buy in a lower-price area,
- At an equal 13%
- This compares with 8% of those who aren’t currently employed
- And 5% of retirees.
If you were in the market to buy a property, would you do any of the following to help you purchase at a lower price point?
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