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Household wealth increases: ABS

(Quartile Research)
The average wealth of an Australian household in 2005-06 was $563,000, a rise of 14 per cent from 2003-04, according to figures released this week by the Australian Bureau of Statistics (ABS). The average value of household assets in 2005-06 was $655,000, and the average household liability $92,000, resulting in an average household net worth of $563,000.

Owner-occupied homes were the main asset held by Australians; mortgages on them were the main liability.

Most Australian households (69 per cent) owned their own home either outright or with a mortgage. The average value of these homes was $412,500. For households with a mortgage on their home, the average value of the home was $417,000 and the average mortgage outstanding was $142,000, giving a net home equity of $275,000. Nearly 1 in 5 (20 per cent) of all households owned property other than their own home, including holiday homes and rental property.

Superannuation was the main financial asset held by households, with most (76 per cent) households having some superannuation assets. For households with superannuation, the average value of their superannuation was $111,000, but for half (50 per cent) of these, the value was less than $44,000.

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