{"id":34425,"date":"2021-09-07T10:17:34","date_gmt":"2021-09-06T22:17:34","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=34425"},"modified":"2021-09-07T10:17:34","modified_gmt":"2021-09-06T22:17:34","slug":"australians-save-60-billion-a-year-on-overseas-travel-spend-part-of-it-on-buying-property","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/australians-save-60-billion-a-year-on-overseas-travel-spend-part-of-it-on-buying-property\/","title":{"rendered":"Australians save $60 billion a year on overseas travel, spend part of it on buying property"},"content":{"rendered":"

PHOTO: Buyers are using savings from cancelled holidays to buy holiday homes.\u00a0Photo:\u00a0Supplied<\/span><\/strong><\/p>\n

Australians have saved some $60 billion a year in cancelled overseas travel because of the pandemic, figures show, with part of that cash flowing into the property market.<\/p>\n

Buyers lucky enough to keep their jobs have been taking the opportunity to use their extra savings to get into the rising property market for the first time, move to a lifestyle destination, or purchase a holiday house or investment property.<\/p>\n

In the year to June 2019, Australians 15 years and over spent $62.3 billion on international travel, or an average of $3115 per person, Finder analysis of Tourism Research Australia figures found.<\/p>\n

Separate figures from the Tourism and Transport Forum put the average outbound spend at $59.3 billion a year from 2016 to 2019.<\/p>\n

Although a $3115 travel budget may seem modest when compared to property prices, the average figure masks larger international trips, as not everyone was holidaying overseas.<\/p>\n

\"Pia<\/a><\/div>\n
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Pia Whitesell\u2019s incredible beach home | WATCH<\/a><\/h2>\n

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\u201cThe real difference is people who were planning a big, $30,000 trip around Europe and it\u2019s been off the table for a year now, two years,\u201d Finder home loans expert Sarah Megginson said. \u201cEvery dollar we earn, we have to spend it in Australia.\u201d<\/p>\n

The Agency general manager of Victoria Peter Kakos said locked-down first-home buyers had saved money on holidays or other discretionary spending to put towards a deposit, while upgraders were also taking advantage of their savings.<\/p>\n

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