Housing boom boosts household net wealth

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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