Recently released ABS Household Wealth data shows household net wealth at a record $15.50 trillion in the December 2023 quarter, boosted by a record level of property assets of $10.50 trillion as of 31 December 2023. Households held $1.35 trillion directly in equities, $1.67 trillion in cash and deposits, and $3.59 trillion in superannuation, all record high levels.
Residential property accounted for around 64.5% of net household wealth, up from 61.7% in December 2020.
Strong rental growth is evident across the country in most capital cities, with the national vacancy rate currently below 2%. As of March 2024, national dwelling approvals stand at 162,640 for houses and units. Analysis reveals that building approvals are not keeping up with population increases. We saw a direct increase of 303,000 skilled migrants moving to Australia over the last 12 months.
Evidence of increases in net interstate migration to Queensland is positive and could make a case for investors to gain more exposure to residential housing in Brisbane and Queensland overall.
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