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Household wealth increases: ABS

Australians keep getting wealthier and their homes remian thier main source of wealth according to the latest statistics from the ABS.This further underpins the stability of the Australian property market and ensures continued growth.

The average wealth of an Australian household in 2005-06 was $563,000, up 14 per cent from 2003-04, according to figures released today 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.

The figures show that owner-occupied homes were the main asset held by Australians and the 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. Furthermore, nearly 1 in 5 (20 per cent) of all households owned property other than their own home, including holiday homes and rental property.

- population, market, growth, wealth

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