Australians have become even wealthier in the past year, with new figures revealing the growth in property values has helped drive household wealth up by 5.8%. The latest ABS figures on household wealth for the June Quarter 2021 shows that household wealth has now hit a record $13,433 billion, with wealth per capita up to $522,032.

Residential property contributed 4.5 percentage points to the quarterly growth in wealth, with superannuation adding 1.1 percentage points and shares 0.3 percentage points.

With Australians unable to travel, savings were also high with $341.8 billion now sitting in Australian banks, although household savings weakened in June on the back of further spending and fewer lockdown days.

ABS head of finance and wealth Katherine Keenan says growth in owner-occupier loan balances is the strongest it has been for five years and that the value of loans to owner occupiers hit new highs in the first six months of 2021.