Bankwest inherited housing report 2010
30 March 2010
The latest in Bankwest's on-going Financial Indicator Series has revealed that more than $400 billion worth of property assets are likely to change hands over the next 15 years as part of an unprecedented baton change of wealth between generations, according to the latest Bankwest Financial Indicators Series report.
Never before has such a vast reservoir of wealth moved between generations as an increasing number of "Veterans" (aged 70 plus) succumb to old age and pass on a vast pool of property assets to their adult children.
This enormous bounty of wealth will be greatly expanded as older "Baby Boomers" also start to pass away over the coming years and leave behind billions of dollars worth of property.
The latest Bankwest Financial Indicator Series report, "Inherited Housing Report 2010", reveals that a combination of rising property prices, an ageing population and high home ownership rates will combine to produce a "perfect storm" with record intergenerational wealth transfer or inheritance.
Bankwest Retail CEO Vittoria Shortt said the Inherited Housing Wealth Report was based on ABS census data and life expectancy figures and showed that $407 billion worth of housing assets is projected to be inherited by Australians over the next 15 years.
Download a copy of the full report and a breakdown on each state below: