House prices push up wealth

Household wealth rose by $10,000 in the December quarter, fuelled by a continued growth in residential house prices.

Spicers Household Savings Indicators show the average New Zealand household had a net worth of $326,000 - a jump of 15 per cent during 2005.

Three years ago, the average household had a net worth of $208,000.

Rozanna Wozniak, chief economist for Arcus Investment Management, said house price increases had allowed New Zealanders to spend more than was actually being earned.