Property Wealth Set To Double

The property boom is set to deliver millionaire status to many more Australians within the next five years.

We are set to create 1.5m more millionaires in the next five years, according to the latest update to Knight Frank’s Wealth Report.

It says after a short period of decline, property values across have bounced back, boosting the wealth levels of owners.

Knight Frank head of residential research Australia, Michelle Ciesielski, says a large contributor to the top one per cent wealth level doubling in Australia over the past two years has been prime residential property performance.

She says it has been resilient despite the rising cost of finance.

The report says Australia’s wealthy populations are set to achieve further growth in the next five years.

It says the number of high net worth individuals, those with more than $1.5m, will grow by 71.1%.

Growth of the wealth of high net worth individuals is growing at 2.5 times the pace it was over the previous five years since 2017.