Real Estate

Young buyers not willing to give up travel

Written by The ReReport
As seen in the Source link, written by on 2019-03-08 02:40:36

Nearly half of all Australians who buy a property wait more than three years before going on an overseas trip, new research revealed.

In the first year of the mortgage, nearly three quarters of mortgagees didn’t take an overseas trip, while 44 per cent waited more than three years, according to a survey by InsureandGo.

Unsurprisingly only 10 per cent can afford to head off overseas in the first six months after buying a house, while it is Tasmanians and Queenslanders who delay the longest.

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Around 70 per cent of buyers from Tasmania and 53 per cent from Queensland waited more than three years to go overseas, compared with 37 per cent of West Australian home buyers and 40 per cent of NSW buyers.

In the ACT, Victoria and South Australia that figure was 44 per cent.

The data also revealed young people are unwilling to compromise going on a holiday, with 23 per cent of under-40s waiting more than three years to go overseas after securing their mortgage, compared to 70 per cent of over-60s.

InsureandGo spokesperson Jonathan Etkind said younger buyers have clear priorities when securing a property.

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“Despite a property being one of the biggest investments someone will make in their lifetime, younger home buyers are not willing to compromise on travel,” he said.

“We forecast that travel will continue to be a leading consumer expenditure category regardless of how the property market fares in 2019.”