Thanks to property, Australians are the richest people in the world

Alex Harris - Noosa 4 Sale - 10-Oct-2018

According to the fifth annual study by investment bank Credit Suisse (2014), the median Australian adult was worth more than $US225,000 ($258,000), well ahead of the second wealthiest population on this measure, the Belgians, at $US173,000. 


Only six per cent of Australians have wealth below $US10,000, compared with 29 per cent in the United States and 70 per cent for the world as a whole. 


Household wealth in Australia is mostly comprised of equity in property, which averages $US319,700 per household, or 60 per cent of gross assets. This is the second highest in the world after Norway. 


But this reliance on property also makes for a greater spread of wealth.  


Among developed economies Hong Kong, Switzerland and the United States are deemed to have ‘very high inequality’, where the top ten per cent control more than 70 per cent of the wealth. 


Economist Saul Eslake noted at the time of the study that “Rising house prices tend to reduce inequality, as they make up part a greater part of middle-class wealth.” 


A rising tide lifts all boats. 


The Sunshine Coast is enjoying an extended period of significant capital growth, which is anticipated to continue for some time to come off the back of the airport expansion, the two new hospitals, the new Maroochydore Town Centre, upgrades to the Bruce Highway and other infrastructure improvements.  


This is a great time to sell in Noosa if you have owned for some years, and it remains a great time to buy with local prices still so much lower than southern states, with more growth to come. 


Feature Property: 


16 George Street Tewantin 

4 bed, 2 bath, 2 car, pool 


This super stylish single level home is exactly what you have been looking for. 

From the modern entrance through to the very private and spacious rear yard with resort style pool and garden, this is an elegant option for downsizers not willing to downgrade, and for young families wanting space without the price tag of the beach suburbs. 


Located in a dress circle position in Old Tewantin, this sun-filled home immediately impresses with large living rooms, expansive windows, extensive storage, high ceilings and an intelligent floor plan that could be turned to dual living. 


In addition to the living room at the rear of the home there is a media room, separate dining and large alfresco dining area under roof. 


The enormous open kitchen has granite benches, double-door pantry and plenty of cupboards and drawers for every pot, pan and plate imaginable. 


The large master bedroom has walk-in robe and ensuite, and is well separated from other bedrooms. 


The contemporary makeover of this spacious home makes for a very comfortable and welcoming space. 


* 3kW solar power 

* Swimming pool 

* Fully fenced & very private rear yard 

* Air-con & ceiling fans 

Don’t think too hard about this. With surrounding sales in the $900s this is value buying with nothing to do but buy it to make it yours.