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Home / Business

Oz property inheritance tipped to reach $525b

Bloomberg
30 Mar, 2010 03:00 PM2 mins to read

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Australians are likely to inherit about A$407 billion ($525 billion) in property assets over the next 15 years, according to a report by Bank of Western Australia.

An ageing population, rising home prices and high home ownership rates will increase the value of properties left to adult children by "veterans",
or those aged more than 70 years, and "baby boomers" to record levels, Bankwest's Inherited Housing Report 2010 says. Baby boomers refers to those born after World War II.

"One in 10 homes owned by households will potentially be given away by 2025, which represents an unprecedented baton change in intergenerational wealth, the likes of which we have never seen before," Bankwest retail chief executive Vittoria Shortt said.

House prices rose 11.8 per cent in the year through January, according to a February 26 report by real estate monitoring company RP Data-Rismark.

Reserve Bank of Australia Governor Glenn Stevens yesterday said house prices were "getting quite high", signalling that interest rates may need to rise further.

Australia's median age has increased to 36.9 years as at June 30, from 31.8 years two decades earlier, according to the statistics bureau.

Veterans and baby boomers now own up to A$2 trillion in housing assets, more than half of the nation's total housing stock of A$3.5 trillion, the Bankwest report said.

This is expected to push housing inheritance to A$31 billion a year by 2025, almost double that of 2009, Bankwest's Shortt said.

Sydney will see the highest amount of assets transferred, at A$113 billion over the 15 years, the report said.

- BLOOMBERG

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