The Australian Bureau of Statistics (ABS) released the results of their 2017/2018 Income and Housing Survey.
This survey measures household wealth by adding up all the assets owned by the household and subtracting all debts.
In summary the key finding were:
- the average household wealth is $1.02 million
- the average household wealth has increased by 36% over the past 12 years
- 20 per cent of households have a net wealth of greater than $3.2 million
- rising house prices are the biggest contributor to the increase in household wealth
- 22 per cent of households own a property in addition to their home
- the average home loan is $102,600.
- the average student loan is $3,000
Another survey The Roy Morgan Wealth Report revealed:
- 49.8% of Australians wealth continues to be held in the form of owner-occupied housing.
- Superannuation accounts account for 24.4% of Australian wealth. This was up from 19.2% in 2007.
- Since 2007 to 2019 the value of assets owned by Australians have almost doubled over that period, whilst the level of debt increased by 78.6% over the same period.
It is important to note that 2007 was just before the Global Financial Crisis when markets and investments were at their peak.
At Quinn Financial Planning we pride ourselves on increasing the wealth and financial security of our clients. If you’re looking for a financial planner in Sydney to establish, grow or maintaining your wealth please feel free to contact Peter Quinn on 9580 9166.