Moderating housing prices are yet to impact household wealth in Australia, which rose almost 10 percent in 12 months.
New figures from the Australian Bureau of Statistics (ABS) show household wealth rose for the eighth quarter in a row, up 2.4 percent, or $401 billion, between July and September.
ABS Head of Finance Statistics Mish Tan said total household wealth was $16.9 trillion for the quarter, which was 9.9 percent, or $1.5 trillion, higher than a year ago.
Dr Tan said residential land and dwellings were the largest driver of the rise, contributing 0.9 percent to the overall 2.4 percent rise in wealth.
“Household wealth continues to be supported by rising house prices despite recent moderation in growth.
“Strong performances in domestic and overseas share markets contributed to the growth in household superannuation balances this quarter.”
Dr Tan said superannuation assets increased by 3.5 percent, or $137.4 billion, which contributed 0.8 percentage points to the quarterly growth in household wealth.
She said the superannuation guarantee increased from 11 percent to 11.5 percent in the September quarter, which added to superannuation balances through increased employer contributions.
