Homeowners are stressing over wavering property values, while low-income earners are worrying if they will have enough for a deposit before prices rise again - such is the response to what is now a national housing downturn.
Residential property prices have fallen in every capital city for the first time since 2011, according to figures released last week by the Australian Bureau of Statistics (ABS).
The quarterly measurement of residential property prices shows there was a nationwide downturn in the period leading up to the election of the Morrison government and its platform of home ownership.
ABS Chief Economist Bruce Hockman said the results were a continuation of "tight credit supply and reduced demand from investors and owner occupiers."
The significance of the downturn however, depends on whether you are wanting to sell or looking to buy.
Housing affordability tends to be the most talked about issue.
It's the term used to explain the difference between the cost of housing - like mortgage payments or rent - and your income.
The concept of housing affordability is different to the concept of ‘affordable housing’, which refers to low-income or social housing.
In April, an Anglicare survey revealed a chronic shortage of affordable housing across Australia. The Rental Affordability Snapshot examined 69,000 listed rentals and found zero were affordable for a young person on Youth Allowance .
Anglicare says 300,000 new social properties are needed for people on the lowest incomes.
Since 1970, median house prices have almost quadrupled, while wages have only doubled. The independent think-tank, the Grattan Institute, refers to this as evidence of the widening wealth inequality between, and within, generations.
Housing affordability was a central plank in the Coalition's election campaign.
Just before the election, Scott Morrison announced a scheme allowing first home buyers to borrow with only five per cent deposit instead of 20 per cent, without paying mortgage insurance. This represented a savings of $10,000 for singles earning less than $125,000 per year, and for couples earning less than $250,000 per year.
The government also implemented the First Home Super Saver scheme, which allows first homebuyers to use the tax benefits of their superannuation to save and then withdraw up to $30,000 for a deposit.
The coalition also pledged that:
Australians over 65 who want to downsize and sell their homes, can make a non-concessional superannuation contribution of up to $300,000 from the proceeds.
Negative gearing will remain, however deductions for travel expenses related to owning an investment property are now disallowed to avoid deductions being abused.
The government also promised to invest $100bn in congestion-busting transport infrastructure, putting more affordable housing options within reach of first home buyers.
And Australians will be given priority when it comes to housing.
Foreign investors will be charged $5000 a year if a property is not occupied within the first six months of ownership while property developers are no longer allowed to sell more than 50 per cent of new developments to foreigners.
- Research and story, Nadya Labiba. Editing, Sue Stephenson