A big increase in the value of residential property in the June quarter, which was offset to a limited degree by higher borrowings, has driven a 5.8 per cent increase in Australia’s household net wealth.

It was the biggest quarterly increase in household assets since 2009.

According to the latest Australian Bureau of Statistics finance and wealth data, the value of land and dwellings rose 6.9 per cent in the June quarter, compared with the March quarter, to A$8.9 trillion.

The value of superannuation balances, shares, currency and deposits and other financial assets all rose during the quarter but to a lesser degree.

The value of household loans rose 1.9 per cent to $2.5 trillion. The $47.2 billion increase was made up of $38 billion of housing loans and $8.7 billion of unincorporated business loans.

Total net household wealth rose 5.8 per cent quarter-on-quarter to $13.4 trillion. Wealth per capita rose to a record $522,032.

The ABS said households saw their weakest increase in deposits since the June quarter in 2019, due to increased spending.

Deposits held with banks increased by 1.7 per cent to $341.8 billion but most of the growth came from non-financial corporates.