General
Booming property prices push household wealth to record levels in Australia
Booming property prices have pushed Australia’s household wealth to record levels, despite hundreds of thousands of people remaining unemployed.
Key points:
- Australia’s total household wealth hit a record high of $12 trillion in December
- The value of the country’s residential property soared by more than $450 billion in the last six months of 2020
- Treasury warns the unemployment rate could increase in coming months
The value of Australia’s residential property jumped by roughly $250 billion in the last three months of last year.
It followed an increase in property values of more than $200 billion in the September quarter.
According to the Australian Bureau of Statistics (ABS), the combination of rising property prices and a recovery on stock…
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