One in two globally and in Australia believe their country’s housing is on the wrong track

Despite the challenges we face in housing, Australians cling on to the dream of owning or, at least living in, a house.

High property prices and the cost of renting and the two biggest challenges facing Australians, with only one in four saying Australia is on the right track when it comes to housing, the new Ipsos Housing Monitor study has revealed.

Ipsos, one of the world's leading market research companies, today announced the findings of a new 30-country study, including Australia, that looks at how people perceive their own and their country’s housing situation, and the challenges facing both.

Key Australian findings

In Australia, the key findings from the study include: 

• A little under half of the population (45%) thinks high property prices are the biggest challenge facing housing in Australia. Interestingly, a slightly higher proportion nominate the cost of renting being too high (48%).
• Only one in four people think Australia is on the right track when it comes to housing. The gap between renters (61%) and homeowners (54%) is much smaller on this measure, suggesting this is a more universal belief. Those aged 50-74 years were most likely to agree with this statement (59%), versus 51% of the under 35s and 56% of those aged 35-49 years.  This suggests that it is the older age group that is more easily able to reference better times to compare against.
• Six in 10 Australians are broadly happy with their current housing situation.  Renters (46%) are much less likely to be happy than homeowners (71%), while those aged under 35 years are least likely to be happy 53%, versus 61% of 35-49 year olds, and 66% of 50-74 year olds.
• Three in four think it was/is harder for people their age to buy or rent a home to settle down than it was for their parents’ generation. Eighty one per cent of renters feel it is harder to buy nowadays versus 68% of owners. Those aged 50-74 years were least likely to agree with this statement (65%) versus 80% of the under 35s, and 77% of those aged 35-49 years.
• Three quarters of us express a preference for living in a house. Interestingly, it’s the 35-49 year olds and renters who are reconsidering this dream, with only two in three of this opinion (67% and 68% respectively).
• Only 22% say they think rising house prices are a ‘good thing for me personally’. Even among those who own their property outright this only rises to 26%. On average 58% think rising prices are not good for themselves.

Ipsos Public Affairs Deputy Managing Director, David Elliott, said: “The Ipsos Issues Monitor has been showing us Australians’ high level of concern regarding housing for some time. We have watched it increase as a concern since early 2021, then take over second position behind cost of living in early 2023.  So the results aren’t surprising. What is interesting is that we are not alone.  All over the globe citizens are struggling with similar housing issues in their country. 

“On the home front, again it’s not surprising to see that renters are finding it more difficult than home owners, or that those in the 50+ age group have lower levels of concern. What is interesting is that Australians hold on to the dream of living in a house.  This represents a real challenge for Government of all levels.  

“The need and demand from the community for more housing within reach of key infrastructure is naturally driving more construction and planning of high and medium density housing as these can provide quicker solutions. However, the challenge for Governments, and perhaps developers, is how do we build these in a way that people don’t feel they are comprising too heavily on that dream and how do we help people view these options differently.  After all, in many large cities around the globe these housing options are the norm and are much more accepted.”

Key global findings:

• Renters less happy with their housing situation: 47% of renters say they are happy with their current housing situation compared to 69% of homeowners. While in all markets, owners are happier than renters, and in countries with stronger rights for tenants, the gap in satisfaction is smaller.
• People feel it is harder to buy a home now than previously: 70% of under 35s say it is harder for people their age to buy or rent a home to settle down in than it was for their parents' generation. However, older age groups are almost as likely to say the same thing (64% for 50–74-year-olds).
• However, people do not feel rising house prices are a good thing: Only 19% say they think rising house prices are a good thing for them personally, while 57% disagree with this statement. Even among those who own their property outright this only rises to 23%.
• People think their country’s housing is on the wrong track: Across 30 countries, 52% think their country’s housing is on the wrong track, while 28% are happy with how things are going. There are big differences by country and region, with people in Asia generally more positive, while Europeans are more likely to say housing is on the wrong track.
• Apartment vs house? Countries matter: Culture plays a strong role in shaping people’s idea of the ideal home. In Asia and LATAM, people are more likely to want a detached house in the city, while in many western countries, people want a rural house. However, in Italy, Spain, South Korea and Singapore people prefer apartment living.