Australia's household wealth increased 1% to AU$19.4 trillion in the June quarter, driven by strong growth in superannuation assets that offset a fall in property values, according to a Thursday report by the Australian Bureau of Statistics (ABS).

The report said households recorded a net lending position of AU$3.2 billion, comprising AU$75.9 billion in acquisition of financial assets, driven by AU$57.9 billion in net equity in superannuation and AU$10.1 billion in other accounts receivable, partly offset by AU$72.7 billion in liabilities, largely from loan borrowings.

Non-financial assets owned by households decreased 0.2%, or AU$22.7 billion, with the value of land and dwellings falling AU$28.7 billion, or 0.2%, reflecting property price declines in New South Wales, Victoria, and the Australian Capital Territory, the report added.

Financial assets owned by households rose 3.4%, or AU$297.4 billion, driven by a AU$231.3 billion rise in superannuation reserves and a AU$35.6 billion rise in shares and other equity, the report added.

Household demand for credit reached a record AU$72.6 billion, driven by growth in housing loan balances and borrowing by private unincorporated businesses such as sole traders, with long-term loans totaling AU$70.7 billion and short-term loans AU$1.9 billion.