Rising property prices have substantially lifted the value of Australia’s household wealth.

Australian Bureau of Statistics figure for the December 2023 quarter, shows that household wealth is up for the fifth consecutive quarter. It rose 2.8% ($419 billion) during the quarter, stronger than the June 2023 quarter when it rose by just 2.3%.

The ABS says residential land and dwellings are the largest contributors to the rise of total household wealth (1.2%), which rose to $15.7 trillion – 7.8% higher than at the same time in the previous year.

ABS head of finance statistics Mish Tan says domestic and overseas share markets also grew substantially and added to household wealth.

The figures also show that demand for credit was $105.1 billion in the December quarter, the strongest demand in more than a year.

“Household borrowing reflected continuing demand for housing amid strong population growth. A seasonal boost from spring housing market sales also drove household borrowing in the December quarter,” Tan says.