According to the report, Gen Xers hold an average of $1.31 million in property wealth, slightly ahead of Boomers, who are beginning to offload their portfolios as they approach retirement.
In contrast, Millennials and Gen Z are struggling to gain a foothold in the housing market.
Millennials hold an average of $750,000 in property wealth, while Gen Z lags further behind with $69,000, underscoring the hurdles younger generations face in an increasingly unaffordable market.
The findings come amid widespread public frustration over housing affordability and the cost-of-living crisis, with many pointing to Boomers’ economic advantages and government policies favouring property accumulation.
However, KPMG economist Terry Rawnsley warns against oversimplified generational blame, noting that the wealth disparity is nuanced.
Boomers, with an average net worth of $2.3 million, still lead overall wealth accumulation, including around $250,000 in cash deposits.
Meanwhile, Gen Xers, now in their early 50s, hold an average net worth of $1.88 million, a figure bolstered by inherited wealth from their parents.
Gen X has also outpaced Boomers in share investments, averaging over $250,000 compared to the $200,000 held by Boomers. In contrast, Millennials and Gen Z have minimal exposure to the stock market, with average holdings of $50,000 and negligible amounts, respectively.
Mr Rawnsley highlights that Boomers’ increasing shift towards cash holdings reflects their preference for safer investments as they age.
“While the starter’s gun has been fired on the great wealth transfer, our findings demonstrate a clear disparity in housing wealth between older and younger generations,” he said.
*KPMG notes: Averages based on a mid-point age of each cohort, Z = 20 years, Y = 35 years, X = 51 years, Boomer = 69 years
