Australia’s Soaring Property Prices Drive Wealth to Record High

Australia’s soaring property prices drove household wealth to a record last quarter, while net worth on a per capita basis also hit an all-time high, suggesting the wider population was better off on average.

Household wealth climbed 4.5% to A$14.7 trillion ($11 trillion) in the final three months of 2021, the Australian Bureau of Statistic said in a report on Thursday. Home values contributed 3.5 percentage points to the quarterly increase. Demand for credit was also the strongest on record at A$54.4 billion.