Australians are cashed up with unused holiday funds totalling $60 billion and looking to spend it on property.
Finder analysis of Tourism and Transport Forum figures show in the year to June 2019, Australians spent $62.3 billion on international travel.
With that money no longer flying out of the country as a result of the closed international borders, much of it is now being pumped into housing whether it be upsizing, a lifestyle change or renovation.
The lack of travel opportunities, concerts cancelled and closed restaurants means even first home buyers are now saving more than ever.
Real estate agents are reporting that those who can’t travel are also using that money to buy holiday properties in Australia, so they have somewhere to travel to when state borders reopen.
Finance is very cheap and homeowners are accumulating a lot of equity as their properties go up in value, so they are now looking to invest, using their savings.