Canberra revealed as nation's wealthiest region

by Mackenzie McCarty22 Aug 2013

People in the ACT are, on average, wealthier than those living anywhere else in Australia, according to the latest ABS figures.

While the average Australian household’s net worth stands at $728,000, people living in Canberra are far better off, with an average wealth of $930,000 – or around 28% higher than the national average.

“Western Australia, New South Wales, Victoria and the Northern Territory all had levels of wealth close to the Australian average,” ABS director, Caroline Daley, told the Australian Financial review yesterday afternoon.

The fact that public service jobs generally require Australian citizenship and tertiary education are believed to be two of the underlying factors behind the region’s wealth figures.

ACT house prices also rose above $576,000 in the June quarter, according to Australian Property Monitors’ quarterly housing report - a rise of 4.2% over the year.

However, the fact that many people who work in the greater Canberra area live in the adjacent NSW town of Queanbeyan, where average house prices are lower, is believed to be potentially skewing the data.