Australia’s household net wealth grew by 4.5 per cent in the December quarter, reaching a total of A$14.7 trillion and a record $566,541 per capita.
According to the latest Australian Bureau of Statistics national accounts data, an average house price increase of 4.7 per cent during the quarter drove 3.5 percentage points of the increase in household wealth.
Increases in superannuation balances, savings and equities also contributed.
Demand for credit also grew strongly, with $54.4 billion of new household credit during the quarter - the highest on record.
Total borrowing grew 2.2 per cent during the quarter to $2.6 trillion.
The ABS said the growth in household loans was the strongest since June 2016 and reflected increased activity in the property market.
In addition, higher levels of consumer spending in November and December, combined with easing of lockdown measures contributed to a $1.7 billion increase in consumer lending.