Australian Bureau of Statistics data show household wealth rose for a sixth straight quarter by 2.7 per cent ($431 billion), over the March quarter 2024.
Total household wealth was $16.2 trillion in the March quarter, which was 10.2 per cent ($1.5 trillion) higher than a year ago.
There are roughly 9 million “households” in Australia, and two-thirds of those either own their home outright, or are paying off a mortgage.
It means, on average, home owners’ wealth increased by $25,000 in the year to the March quarter.
The ABS reported “residential land and dwellings” were the largest contributor to quarterly growth in household wealth, adding 1.3 percentage points.
“Rising asset values continued to drive growth in household wealth in the first quarter of 2024, with house prices continuing to increase,” ABS head of finance statistics Mish Tan said.
Households also held $1.46 trillion directly in equities (shares), $1.73 trillion in cash and deposits, and $3.88 trillion in superannuation.
Superannuation assets contributed 0.9 percentage points to [the 2.7 per cent] growth in household wealth this quarter, and that was driven by strong investment performance in both domestic and overseas markets.
Households’ direct ownership of shares and other equity contributed an additional 0.4 percentage points to the quarterly growth in household wealth.