A report from Quartile Research states that Australians keep growing richer with new figures showing our private wealth is now over $6,000 billion.
Figures released this week by Treasury show that the market value of Australian net private sector wealth grew almost 12 per cent to $6,217 billion as at 30 June last year.
This represents around $305,000 per Australian. Real net wealth per Australian has increased for 14 years in a row and has risen by over $86,000 in the past three years alone.
Growth in the market value of our homes in the year to June 2005 contributed 3.3 percentage points to the growth in private wealth. This contribution is smaller than in recent years and reflects a levelling-off in house prices since the beginning of 2004, according to the report.
Nevertheless, homes and units still comprise the major portion ($3,600 billion) of private wealth.
The ABS House Price Index for established houses in capital cities fell marginally in the year to June 2005, following double-digit rises in the previous two years. However, the number of dwellings continued to grow at a solid rate in the year to June 2005, the report concluded.