Total household wealth rose by 3.1%, or $551.3 billion, in the September quarter, driven largely by higher house prices and stronger superannuation balances, according to figures released by the Australian Bureau of Statistics.
The value of residential land and dwellings increased by 2.7%, or $303.7 billion, contributing 1.7 percentage points to overall growth, with ABS head of finance statistics Dr Mish Tan saying rising house prices were the main driver, up 2.2% for the quarter—the strongest growth since December 2023.
Superannuation assets rose 3.7%, or $160.2 billion, adding 0.9 percentage points to household wealth growth, supported by strong global and domestic share market performance and the final increase to the superannuation guarantee.
Total demand for credit increased to $155.6 billion, up $55.2 billion from the previous quarter, led by general government borrowing of $63.4 billion and private non-financial businesses at $55.1 billion, while household demand for credit totalled $30.1 billion, with growth in loan balances partly offset by a 20% government reduction in student debt.