Household wealth up 2.3% in September quarter

The news: Australian household wealth grew 2.3% in the September quarter and is 7% higher than a year before as house and land prices defy the high-interest rate environment, ABS data shows.

The numbers: The national accounts show household wealth grew by $339.4 billion to $15,305 billion. Demand for credit was $90.2 billion, and Australia turned to a net borrowing position of $3.6 billion from a net lending position of $17.2 billion in the June quarter. Capital investment as a proportion of GDP increased to 24.4%.

The context: Household wealth was propped up by house price growth, which has remained resilient despite high interest rates. Seasonal tax refunds in the new financial year also played a role in the uptick, the ABS said, with deposits increasing 3.4%, or $52.8 billion, over the quarter.