Property has always played a big role in building wealth in Australia. But the balance is changing. For years, many people believed that Baby Boomers owned most of Australia’s housing wealth. That idea is no longer true. Recent research from KPMG shows that Generation X now holds the largest share of property wealth in the country.
The Shift in Property Ownership
Many Baby Boomers, born between 1946 and 1964, are now moving into retirement. Many are downsizing their homes or moving money into superannuation and savings. Because of this shift, their average property wealth has reduced. At the same time, Gen X (born 1965–1980) has stepped into the top position.
Here’s how things look right now on average:
- Gen X: around $1.45 million in property wealth per household
- Baby Boomers: around $1.36 million
- Millennials (born 1981–1996): roughly $890,000
Baby Boomers continue to have the highest overall household wealth. But when it comes to property alone, Gen X now leads.
Younger Australians Are Catching Up
While Millennials and Gen Z currently hold less property wealth, something interesting is happening. According to KPMG, Australians aged 25–34 have seen the fastest growth in household wealth over the past five years. This group has recorded growth of more than 60% since 2019. Why?
- More young Australians are buying homes.
- They’re entering the market earlier than expected.
- And many are using government support schemes to help get started.
It shows that younger buyers are slowly climbing the property ladder.
Why Home Ownership Still Matters
A home isn’t just a living space — it can also be an important long-term asset. It’s also a long-term financial asset. When you repay a home loan, you’re building equity over time. Many Aussies think of this as a kind of built-in saving.
Research supported by the Reserve Bank of Australia and the Grattan Institute suggests that long-term renters may face more financial pressure in retirement compared to homeowners. That’s why property ownership continues to play a key role in financial security for many Australians.
Help for First Home Buyers
If you’re thinking about buying your first home, there are several government programs that may help:
- First Home Owner Grant
- Stamp duty concessions (depending on your state).
- The 5% Deposit Scheme, which allows eligible buyers to purchase with a smaller deposit and avoid lenders mortgage insurance.
These initiatives are designed to make entering the market more achievable.