The Hilda survey found that fewer people are now buying homes.
Rates of home ownership have been falling across Australia.
The trend has been particularly acute in Victoria ( down 7.8 per cent), followed by New South Wales (4.3 percentage points) and South Australia (2.5 percentage points).
The decline in home ownership has been concentrated on those aged under 55.
According to HILDA figures, home ownership among persons aged 25–34 declined from 38.7 per cent in 2002 to 29.2 per cent in 2014.
Much of that decline occurred between 2010 and 2014.
Among persons aged 35–44, home ownership declined from 63.2 per cent to 52.4 per cent. For persons aged 45–54, it declined from 75.6% to 67.4 per cent.
With that rate of falling home ownership, it’s inevitable that super would overtake it.
“At its rate of growth between 2002 and 2014, superannuation looks set to overtake the family home as the most important asset class over coming decades,’’ the HILDA report says.
“Indeed, this could occur quite soon if one takes into account home debt in assessing the importance of home wealth.”
At the same time, older Australians are reaping the rewards.
According to HILDA, the wealthiest households in Australia are couples over 65.
They have experienced a real increase in median net wealth of almost 70 per cent since 2002.