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Housing boom boosts household net wealth

Friday 23rd August 2002

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Rising house prices helped to boost household net wealth in the second quarter but at the cost of a bigger debt burden, the latest WestpacTrust Household Savings Indicator shows.

Overall wealth rose $1 billion or 0.5%, driven largely by a 1.4% rise in house values, to a total $211.9 billion. The housing market was having its biggest boom since 1997.

"Good population growth, driven by a rise in net migration, has seen a surge in the demand for housing, particularly rental demand," WestpacTrust economist Donna Purdue said. "With this type of accommodation supply constrained, prices have been rising, increasing the return to home owners and hence household wealth."

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