Household wealth in Australia keeps rising and it’s residential property that’s responsible.

The latest figures from the ABS show that overall household wealth has increased for the seventh consecutive quarter.

It rose a further 1.5 per cent in the June quarter to a record $16.5 trillion, driven primarily by property assets.

Total household wealth is now 9.3 per cent higher than it was a year ago, driven by residential land and dwellings.

Of the 1.5 per cent rise in the June quarter, 1.3 percentage points was attributed to residential property – our homes and investment properties.

Dr Mish Tan, head of finance statistics at the ABS, said: “House prices have continued to rise across most states and territories.

“This largely reflects ongoing housing supply constraints and an uptick in investor activity over the quarter.”

Residential real estate assets now account for approximately two-thirds of total household wealth.

Property assets reached an unprecedented level of $11.22 trillion as of 30 June, making up around 68 per cent of household wealth, driven by rising property prices.

Households also hold $1.72 trillion in cash and deposits or 10.4 per cent of their total net worth, alongside $3.94 trillion in superannuation assets.