AUSTRALIANS SAVE $60 BILLION A YEAR ON OVERSEAS TRAVEL, SPEND PARK OF IT ON BUYING PROPERTY

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.

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.

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.

Separate figures from the Tourism and Transport Forum put the average outbound spend at $59.3 billion a year from 2016 to 2019.

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