1 IN 10 AUSTRALIANS ARE MILLIONAIRES: ARE YOU ONE OF THEM?
Australian property prices are growing at almost unbelievable rates, as over the last year the government enacted measures that were the recipe for success, with record-low interest rates combined with housing-friendly government grants stimulus throughout the pandemic. Not to mention, the confinement in lockdowns forced families to save money, while driving up demand for larger, more spacious homes.
Over the last year, housing prices across the nation rose 16.8%, with an increase of $52,600 in the June quarter alone. All of the nation’s capital cities have recorded record growth, and the median house price has now reached $835,000. (Source: Australian Bureau of Statistics, Residential Property Price Index)
What does this mean for the average Australian homeowner?
It means more wealth and plenty of it. This is especially true for those who have homes, investment properties, and superannuation savings. The increase in property prices has had the biggest impact on household wealth over the last year.
According to Credit Suisse’s annual Global Wealth Report this year, Australians are now the wealthiest country in the world, when ranked by median household wealth per adult, with an average of US$238,070, topping the list above Belgium ($US230,550), Hong Kong SAR ($US173,770) and New Zealand ($US171,620). During the pandemic, thanks to rising property prices, Australians grew their net wealth more than any other country in the world, except Switzerland.
Australia is now home to 1.8 million millionaires, a number that increased by 392,000 over the last year.
With the current population, 1 in 10 Australian adults are now (US dollars) millionaires. Forecasts show that over 3 million Australians will be millionaires within the next five years.
“If you are not a millionaire by now, what are you waiting for?” said APFG CEO Matt Sully. “For those who have the means and currently own assets, they have seen their wealth soar over the last year, with no signs of slowing down. But for those who still don’t own property, now is the best time to get into the game.”
Grow your wealth with APFG investments and strategies
APFG has investment options that go beyond properties, with the best wealth-earning opportunities on the market today.
Property opportunities in the high-growth areas:
- High-demand Gold Coast luxury apartments, such as Chevron One by Bensons and Regal Residences at Imperial Square.
- Co-living options, which are cash-flow positive as soon as they are ready for occupancy.
Financing and Investment strategies for strong returns:
- 0.75% Mortgage Rate, for Owner-Occupiers to pay off their mortgage faster.
- Bensons Investment Fund for Bensons properties that earn guaranteed 8% returns during the build phase
- Deposit Bonds with QBE, which allow buyers to allocate their deposits in higher yield options, rather than paying them to the developers
Talk to our team today, to learn more about how we can get you on the path to increasing your wealth through assets and investing.