ABS: "Average household wealth for low wealth households in 2013–14 was $35,600, for middle wealth households was $462,500 and for high wealth households was $2.5 million. There was little change in wealth in each of these groups between 2011–12 and 2013–14."
Also from the same report, average wealth for Aussies is $800K. But it's highly skewed... I mean $35K for the lower group vs $2.5M for the upper... averages can be funny like that.
As to why we're stuffed... if those considered of "middle wealth" has $462K in assets, but then the median house prices are $650K for an apartment to $8ook... how can those on median wealth afford median housing?
And these are household figures, not individual parent that then get combined into a household.
Anyway, I'm not taking cracks at individual property investors or wish any kind of collapse. I have a friend whose life got royally screwed when the property market "corrected" by a little 15% or so. The guy weren't greedy or stupid, he just work hard and try to get build some wealth... then shiet happen and his one and only investment property took him under.
Also saw this other small business owner/tradie who put all his time and, I'm guessing, money to build quite a nice house for his family. The construction alone must have cost at least $1M when a million was real money. Drove by the place a couple of years after the built and it was on auction.
No one except those who's pushing for the current policies to indebt then screw people out of all their savings would want that to happen.
