A study of 1,500 Australian adults found that 37 per cent of respondents want property prices to fall, including 24 per cent of those who own a home, and 20 per cent of those with an investment property.

Almost the same percentage - 38 per cent - want property prices to keep rising.

The survey showed how fundamental real estate is to Australians' hopes and aspirations, with 43 per cent of respondents saying they are reliant on future house prices to achieve their life and financial goals.

Younger respondents are more reliant on future house prices than older, according to the survey. In the millennial generation, 51 per cent said they are reliant on property prices, while only 30 per cent of baby boomers said they were.

ME home loan expert, Patrick Nolan, said he was surprised to see how many would be happy to see prices fall. 

“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," he said. 

“That property owners were willing to see asset values fall is a sure sign house prices had reached heights many think are unfair,” he said.

When asked why they want prices to fall, 57 per cent said because it would improve housing affordability. Almost all - 97 per cent - who own property expressed that sentiment.

However, the biggest proportion of owners - 49 per cent - and investors - 55 per cent - said they wanted prices to keep rising.

The survey was commissioned by ME Bank, and was conducted in November 2017.

Read more about housing affordability in Australia:

Affordability is improving, and first-home buyers are back in the market

Bank of mum and dad growing the divide between those who can and those who can't buy property

Why is Melbourne's property market outpacing Sydney's?