by Sanjeev Sah | Apr 23, 2024 | Market Updates

Australian household wealth grew by 2.8% or $419 billion in the last quarter of 2023, according to the Australian Bureau of Statistics (ABS). 

This growth, seen for the fifth straight quarter, brought total household wealth to $15.7 trillion at the end of 2023, a 7.8% increase from the previous year. 

ABS head of finance statistics Dr Mish Tan said the main reason for this rise was the increase in the value of homes and land, contributing 1.2 percentage points to the quarterly growth.  

“Household wealth saw a large boost from rising values of assets this quarter. House prices continued to grow significantly, as did domestic and overseas share markets,” Dr Tan said.  

Meanwhile, the data also showed credit demand also hit a peak of $105.1 billion during the quarter, the highest since September 2022.  

This increase was fuelled by spending from households, businesses, and the government, with strong population growth and a spring surge in housing market sales pushing household borrowing higher.