Household wealth rose in March, but falling market prices meant that mortgage debt exceeded housing values, according to new data.
According to new data from the Australian Bureau of Statistics (ABS), the country's household wealth rose 0.2% to $ 10.24 billion for the quarter of March. This follows a decline of 2.1% in the December quarter.
However, real estate losses offset the rise in household wealth. The figures show a fifth consecutive decline in residential real estate, resulting in a weakening of household wealth from $ 1,500 to $ 404,566 per person.
The ratio of mortgage debt to residential assets also increased from 28.1% in the previous quarter to 29%. This meant that the mortgage debt exceeded the value of residential real estate owned by households.
SBS figures also show that Australia's national investment rose from $ 22.2 billion in the quarter to $ 100.9 billion, after a record 123.1 billions of dollars in December.
Australia continued to borrow abroad to finance its investments, borrowing $ 1.0 billion from non-residents during the March quarter, the investment national exceeding national savings.
In seasonally adjusted terms, Australia has been a net borrower overseas since the September 1975 quarter.
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