But as affordability pressures bite, younger generations are facing tougher challenges to get into the housing market, in particular. This explains the government focus on helping first timers get a leg on the property ladder, so they too can grow their wealth over time.
Check out this generational wealth snapshot, recently published by Property Update, to see where your wealth journey could take you.
Baby Boomers (born 1946 to 1964) have $2.3 million in net wealth, and $82,000 debt. This includes:
- $1.3 million in property assets
- $641,000 in superannuation or business assets
- $206,000 in shares
- $240,000 in cash savings.
Gen X (born 1965 to 1980) have $1.88 million in net wealth, and $450,000 in debt. This includes:
- $1.3 million in property assets
- $586,000 in superannuation
- $256,000 in shares
- $176,000 in cash.
Millennials (born 1981 to 1996) have $757,000 in net wealth. This includes:
- $750,000 in property
- $260,000 in superannuation
- $51,000 in shares
- $104,000 in cash.
Gen Z (born 1997 to 2012) have $96,000 in net wealth, largely in super, and $49,000 in debt, which is mostly student loan-related.
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