This report pertains to the discussion of property market in Australia. With overview of the property market the report discussed the impact of the industry on the economy of Australia. The type of market structure it operates in has been discussed in the report along with the specific features of market that allowed it to act like a monopoly market. In addition to that the issues of the industry has been discussed along with its impact on the industry. The report suggests the suitable polices that would help the industry to come out of its existing adverse condition.