Australians are likely to inherit about A$407bn in property assets over the next 15 years, according to a report by Bank of Western Australia.

An aging population, rising home prices and high home ownership rates will increase the value of properties left to adult children by “veterans,” or those aged over 70 years, and “baby boomers” to record levels, Bankwest’s Inherited Housing Report 2010 says. Baby boomers refers to those born after World War II.

“One in 10 homes owned by households will potentially be given away by 2025, which represents an unprecedented baton change in intergenerational wealth, the likes of which we have never seen before,” Bankwest Retail Chief Executive Officer Vittoria Shortt said in an e-mailed release.