The Australian Bureau of Statistics (ABS) yesterday released household wealth data for the March quarter of 2022, which revealed that total household wealth increased by 1.2% ($173 billion) over the March quarter 2022 reaching a record $14,891 billion:
Record high household wealth in March quarter.
Total dwelling assets rose another 2.2% ($210 billion) over the quarter to a record high $9.7 trillion, whereas total financial assets fell 0.1% to $6.8 trillion.
The next chart, which comes from a separate Reserve Bank of Australia quarterly series, shows that Australian dwelling values hit a record high 644% of household disposable income in the March quarter, up from 500% in June 2020:
Soaring housing values drove household wealth.
Per capita household wealth also rose by 1.1% over the March quarter to a record high $577,000, with per capita dwelling assets rising 2.1% to $377,000 and per capita financial assets falling 0.2% to $262,000:
Expensive housing delivers fake ‘wealth’ boom.
The above is obviously the high water market for household wealth given financial markets are tanking and house prices are rolling over amid rising interest rates.
