Surging house prices and bigger superannuation balances have lifted the average wealth of Australian households. Older home-owning couples without a mortgage have the highest average level of wealth.
The hot property market also drove increases in average wealth for home owners with a mortgage to $857,900 in 2013-14, up from $790,000 three years ago.
It is almost $1.4 million for those who are mortgage free ($1.2 million), according to an Australian Bureau of Statistics report.
The ABS’s Survey of Income and Housing examines changes in average household wealth (assets owned minus liabilities) and income from all sources, including welfare payments and super.
The average wealth of renting households – a group expected to grow as home ownership rates decline – was approximately $183,000.
The maturing superannuation system has also contributed to rising wealth.
Over the two years since 2011-2012, the average super balance per household jumped 21%from $132,000 to $160,000.
“It is particularly positive to see a 50% increase in the average household super balance for couples aged 55-64, to $488,000,” Association of Superannuation Funds of Australia chief executive Pauline Vamos told the Australian Financial Review.