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Outlook> 2007
> December
Increase in wealth
THE average wealth of an Australian household in 2005-06 was $563,000,
up 14 per cent from 2003-04, according to figures released by the
Australian Bureau of Statistics (ABS).
The average value of household assets in 2005-06 was $655,000, and the
average household liability $92,000, resulting in an average household
net worth of $563,000.
Main findings
- Owner-occupied homes were the main asset held by Australians; mortgages on them were the main liability.
- Most Australian households (69 per cent) owned their
own home either outright or with a mortgage. The average value of these
homes was $412,500.
- For households with a mortgage on their home, the
average value of the home was $417,000, and the average mortgage
outstanding was $142,000, giving a net home equity of $275,000.
- Nearly one in five (20 per cent) of all households
owned property other than their own home, including holiday homes and
rental property.
- Superannuation was the main financial asset held by
households, with most (76 per cent) households having some
superannuation assets.
- For households with superannuation, the average value
of their superannuation was $111,000, but for half (50 per cent) of
these, the value was less than $44,000.
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