A significant number of Australian homeowners would welcome a fall in property prices down under, believing this would benefit the nation's housing market in the long term, even if it does lead to short-term losses.
This is one of the findings from a new survey carried out by ME Bank, which discovered that more than one-third (37 per cent) of Aussies want to see property prices fall, with one-quarter admitting that they would be 'quite happy' with this development.
Homeowners accounted for 24 per cent of those who held this view, while 20 per cent of the individuals wanting property prices to drop were in fact investors, who could potentially stand to lose money if house values plummet.
Patrick Nolan, general manager of ME Bank, explained: "Traditionally, Australians fall into two camps when it comes to property prices: owners, who want them to rise, and non-owners, who want them to fall.
"But with high prices disrupting the dream of homeownership and the benefits that brings, views are changing."
Although the number of Aussies who want to see property prices continuing to rise also totalled more than one-third (38 per cent), 97 per cent of respondents were united in the belief that a fall in average property prices throughout the country would help to improve housing affordability.
Meanwhile, almost half (47 per cent) of those polled said they would actually benefit financially if property prices fell, compared to just over one-quarter (28 per cent) who said they would benefit more if prices continued to rise.
Ten per cent of respondents even said that their life or financial goals were completely dependent on property prices rising in the future. Members of the baby boomer generation were significantly more likely to state this than millennials, although even a handful of 25 to 39-year-olds said that house price rises would help to boost their plans for the future.
