A new report has revealed the surprising number of millionaires currently residing in Australia - and there one a big thing the majority of them have in common.

Finder’s Wealth Building Report 2024 has found that one in eight Australians are millionaires, which is one of the highest figures globally and one that is expected to continue to rise .

A large percentage of these millionaires became such merely by the growth of their Resedential homes increase in value.

When the value of the principal place of residence is removed the number of millionaires in the Australia is cut in less than half from 12.5 % to five per cent of Australian adults.

The fact that such a significant number of Australians are considered “millionaires” purely because of property values is very positive .

On the flip side though some people-

especially young people -

And divorcees

are faced with the fact that between 1/4 -1/3 —-29.3% of the homes in Australia are valued at 1 million AUD

Some places are, of course worse, than others

in Sydney 69.6% of houses and apartments are worth 1 million or more

In Melbourne that number is 34.6%

In Adelaide that number is 36.6% of apartments and houses are valued at 1 million or more

According to Morningstar

Today, Australia has the most expensive houses in the world when measured against income. House prices have become unaffordable for many – particularly young families.

Regardless of that fact there is hope and opportunity still available

Also Remember that a recent study found that 76% of millionaires inherited nothing but debt from their parents .

The same study ALSO showed that 89% of millionaires made it themselves .

Our guest today is someone who has made it her mission to help people in this environment , give them hope, and help people ,particularly women over 40 , make their fortune in the property market .

Mary Palaric is Founder of Abundeco,

A Property Coach and a

Property Developer

And she joins us here today