Two-thirds of millennials and Gen Z rather travel than buy a home in coming year
![Joyful man is pushing trolley with baggage and his girlfriend on their way to airport. Website banner](https://thenibbler.com.au/wp-content/themes/bandtv1/img/default.png)
In light of soaring house prices and Consumer Price Index inflation of 5.4 per cent (double the national target), research from travel insurance provider InsureandGo has revealed 71 per cent of under-30s and 65 per cent of 31-50-year-olds would rather travel than buy a house over the next 12 months.
The findings were revealed in a survey of an independent panel of 1006 Australians commissioned by InsureandGo. The results showed a direct correlation between age and the desire for property ownership in the current market.
Nearly three in four (71%) of under-30s respondents said they would spend their money on travel rather than property in the next 12 months. In comparison, 65 per cent of 31-50-year-olds and 51 per cent of over-50s said the same.
The average national mortgage is now $599,000, which equates to monthly repayments of about $4,234. On the other hand, the average Australian spent $974 on a single holiday over the year leading up to September.
InsureandGo chief commercial officer Jonathan Etkind said for an increasing number of young Aussies, home ownership is becoming a pipe dream – and InsureandGo’s research shows it is significantly shaping spending habits.
He said: “When forced to choose between an eyewatering mortgage and a travel experience, Millennials and Gen Z Australians are opting for the latter, and this is largely in response to the housing crisis. This trend is fuelled by the ‘experience culture’ that erupted over the past decade and saw young Aussies eschew spending money on ‘stuff’ to making memories instead.”
From the survey, InsureandGo found that 81 per cent of over-50s Aussies are homeowners, compared with 45 per cent of people 18-30-year-olds and 75 per cent of 31-50-year-olds.
Statistics reveal the likelihood of owning a home at age 25-30 has decreased for each generation, while also noting last year that travel had driven an increase in spending across Aussie households.
“I believe the pandemic also has a role to play with these trends,” Etkind said. “For many of us, being holed up in our homes for extended periods between 2019 and 2021 and being unable to travel sparked some seriously itchy feet. Combine that with skyrocketing property prices, and you’ve got a generation of younger Aussies who have perhaps been taught to rethink the great Australian dream.”
Check out the stats of the survey below!
If you didn’t own a property, would spending your money on travel appeal to you more in the next 12 months than buying a property? | % all of respondents surveyed | % of 18-30s respondents | % of 31-50s respondents | % of | over-50s respondents
Yes | 60% | 71% | 65% | 51% |
No | 40% | 29% | 35% | 49% |
Do you own your own property?
| % of 18-30s respondents | % of 31-50s respondents | % of | over-50s respondents
Yes | 45% | 75% | 81% |
No | 55% | 26% | 19% |
(Featured Image: Man pushing trolley with baggage and his girlfriend to the airport – iStock/YakobchukOlena)
Email the Travel Weekly team at traveldesk@travelweekly.com.au
insureandgoLatest News
![](https://thenibbler.com.au/wp-content/themes/bandtv1/img/default.png)
UK and Europe event organisers look to venues with sustainability integrity, ICC Sydney survey finds
Here in Sydney, you can even eat the table centrepieces. Although we advise they be cooked first.
![](https://thenibbler.com.au/wp-content/themes/bandtv1/img/default.png)
Cvent Accelerate Sydney finds event growth will come from pre-, during and post-event data
Cvent, an industry-leading meetings, events and hospitality technology provider, has concluded its third edition of Cvent Accelerate in Sydney, where technology’s role in catapulting growth was front and centre. The 341 attendees were challenged to think how they are currently using data and additional ways to unlock its potential, particularly across marketing, in scaling event […]
![](https://thenibbler.com.au/wp-content/themes/bandtv1/img/default.png)
Corporate Travel Management rebrands events division
If you've been deciding whether to rebrand your LinkedIn profile or not, this is your sign.
![](https://thenibbler.com.au/wp-content/themes/bandtv1/img/default.png)
Philadelphia Convention & Visitors Bureau appoints Australian PR Gate 7
We've been to Philly. We like it. Apart from a massive cracked bell, there's a lot of other old stuff to see.
![](https://thenibbler.com.au/wp-content/themes/bandtv1/img/default.png)
Four Seasons Hotel Sydney popular Aperitivo returns to Grain Bar
Four Seasons Hotel Sydney is relaunching its popular Aperitivo, now located in the George St venue’s award-winning Grain Bar. Originally launched into Mode Kitchen & Bar in 2023, Aperitivo is inspired by the classic Italian evening ritual where guests enjoy a cocktail, paired with traditional Italian antipasti bites. It became a much-loved offering for Sydneysiders […]
![](https://thenibbler.com.au/wp-content/themes/bandtv1/img/default.png)
The new, ultra-modern Qsuite Next Gen revealed by Qatar Airways at Farnborough
Sweet. It's the suite we have all been waiting for. And with the added bonus of an AI human? Judgement reserved.
![](https://thenibbler.com.au/wp-content/themes/bandtv1/img/default.png)
Malaysia Airlines elevates travel with exclusive Business Class offers and privileges
The actors/models always look so unrealistically happy in the stock images. Where are the method actors at?
![](https://thenibbler.com.au/wp-content/themes/bandtv1/img/default.png)
nb_ OUTRIGGER Kona Resort and Spa completes US$60 million renovation
Hawai’i’s OUTRIGGER Kona Resort & Spa has completed its US$60 million (AU$90 million) renovation as is once again ready to welcome guests to Keauhou, a name that signifies “New Era”. The revitalised 511 guest rooms/suites and meeting spaces blend the property’s heritage and reverence for voyaging with modern aesthetics. The concept of “koi au” inspired […]
![](https://thenibbler.com.au/wp-content/themes/bandtv1/img/default.png)
Merlin Venues Sydney partners with bespoke catering
Merlin Venues Sydney, the events arm of Merlin Entertainments, has announced a new partnership with Sydney-based culinary experts, Bespoke Catering ahead of its event season. Merlin Venues Sydney hosts a range of unique public and private events across their four leading attractions in the city. These include the iconic SEA LIFE Sydney Aquarium, WILD LIFE […]
![](https://thenibbler.com.au/wp-content/themes/bandtv1/img/default.png)
Sprintr launches world’s first 100% recyclable kiosk for delegate registration
Sprintr has launched its sustainable, lightweight, modular EcoKiosk for delegate registrations, to support the events industry in reducing its carbon footprint. Made from Re-Board® Technology, a durable, versatile, lightweight, printable and 100 percent recyclable product, this impressive design gives the business events industry the option to reduce their environmental impact and deliver on sustainability KPIs. […]
![](https://thenibbler.com.au/wp-content/themes/bandtv1/img/default.png)
Kris Abbey’s wellness summit returns to Byron Bay for second year
This summit sounds fabulous, although we think there should be a non-wellness summit too, just to even things up.
![](https://thenibbler.com.au/wp-content/themes/bandtv1/img/default.png)
W Melbourne appoints luxe hotel sector expert Andrea Brown as director of marketing
Expect more TikTok dance moves from W Hotel staff after this appointment.
![](https://thenibbler.com.au/wp-content/themes/bandtv1/img/default.png)
Qantas ambassador Neil Perry and sommeliers sip and swirl 1500 wines for annual blind tasting
Swirl, sip and spit. It's a long arduous process with 1500 wines lined up. But someone's got to do it. Hic!
![](https://thenibbler.com.au/wp-content/themes/bandtv1/img/default.png)
Uber adds to suite of options, adding Uber Rent, upscaling Uber Intercity and push into airports
We still miss the fresh mints and the free bottles of water that used to come with Uber rides. Those were the days.
![](https://thenibbler.com.au/wp-content/themes/bandtv1/img/default.png)
Indian tourism to Australia is booming, so how can we boost outbound tourism?
With its world-famous food, bustling streets and vibrant colours, India won't be in short supply of visitors.
![](https://thenibbler.com.au/wp-content/themes/bandtv1/img/default.png)
Sofitel Sydney Darling Harbour appoints new director of sales
We look forward to Rachela Virgara learning everyone's name off by heart. No name badges please.
![](https://thenibbler.com.au/wp-content/themes/bandtv1/img/default.png)
SKYE Suites Parramatta gets early visit from Santa
When the hotel general manager gets dressed as Santa, it's either he has a complex or it's a budget saving.
![](https://thenibbler.com.au/wp-content/themes/bandtv1/img/default.png)
World-leading EduTECH Congress and Expo returns to Sydney
There will be many big brains in this room. We are not one of them.
![](https://thenibbler.com.au/wp-content/themes/bandtv1/img/default.png)
Melbourne and Geelong convention centres pave the way for accessibility and inclusion
Convention centres plan of action for accessibility, including one that isn't even built yet! That's planning.
![](https://thenibbler.com.au/wp-content/themes/bandtv1/img/default.png)
The ultimate poolside indulgence? A ‘push for champagne’ button at Raes on Wategos
The one question we want to ask is 'why didn't Anthony Catalano think of this earlier?'.
![](https://thenibbler.com.au/wp-content/themes/bandtv1/img/default.png)
Newly refurbished Pan Pacific Perth offers new era of refinement
Remember the conference here in 2012? Or was it 2013? That was one to remember. Although I forget what happened.
![](https://thenibbler.com.au/wp-content/themes/bandtv1/img/default.png)
Qantas launches Club Flexible membership to access 30 lounges for 28 days
If you have ever dreamed of entering a Qantas lounge then now is your chance to do so on the cheap.
![](https://thenibbler.com.au/wp-content/themes/bandtv1/img/default.png)
Applejack Hospitality set to open RAFI URBNSURF diner at Olympic Park
Remember to wait half an hour before you head back into the surf. Well that's what my mum says anyway.
![](https://thenibbler.com.au/wp-content/themes/bandtv1/img/default.png)
Cruise360 Australasia at ICC Sydney sold out
Cruise industry folk like to gather in packs, whether onboard or not. We will linger on the periphery.
![](https://thenibbler.com.au/wp-content/themes/bandtv1/img/default.png)
YHA Australia spotlights First Nations culture with tours and cultural experiences
YHA leads the charge for NAIDOC week celebrations. Check out this jam-packed agenda.
![](https://thenibbler.com.au/wp-content/themes/bandtv1/img/default.png)
Melbourne Airport to support above-ground station for proposed airport rail line
Av-geeks and trainspotters are preparing for a major gathering when the new airport line opens in Melbourne.
![](https://thenibbler.com.au/wp-content/themes/bandtv1/img/default.png)
What recruitment shortage? More than 800 applicants apply for role at Adelaide Marriott
If you live in Adelaide, work in hospitality and noticed your colleague was missing on Thursday then now you know why.
![](https://thenibbler.com.au/wp-content/themes/bandtv1/img/default.png)
Hyatt Regency Perth to cease operation as a hotel but future is unknown
Shutting down at a peak time in Perth hotel occupancy rates? Go figure. But we don't own the keys.
![](https://thenibbler.com.au/wp-content/themes/bandtv1/img/default.png)
REVIEW: Hotel Ottilia Copenhagen: A seamless blend of industrial charm and contemporary Nordic design
Staying in a converted brewery you'd think we'd be sampling the local beers. At Ottilia, it's more the wines!
![](https://thenibbler.com.au/wp-content/themes/bandtv1/img/default.png)
G Adventures offers Aussie agents final chance for Taylor Swift Eras Tour tickets in London
It's like in Willy Wonka when it turned out the final ticket was fake. You haven't missed your chance to see Tay Tay!
![](https://thenibbler.com.au/wp-content/themes/bandtv1/img/default.png)
Australia named top luxury destination in APAC with Indian travellers leading the charge
Fashion, food and a sense of place is what Japanese and Indians seek out of a trip to AU. Not mullets and XXXX.
![](https://thenibbler.com.au/wp-content/themes/bandtv1/img/default.png)
Perth’s Kings Park and Botanic Garden claims the title of Australia’s top attraction
Perth visitors pick Kings Park as Australia's top attraction? Surely quokkas must count in there somewhere.
![](https://thenibbler.com.au/wp-content/themes/bandtv1/img/default.png)
Saudi Arabia hosts film night at the Sydney Opera House
It is very unfortunate Saudi Arabia had their cinemas shut for 30 years, however they did at least miss Vanilla Sky.
![](https://thenibbler.com.au/wp-content/themes/bandtv1/img/default.png)
Oslo – is it even a city? Norway’s hilarious new tourism campaign tells travellers not to come
This is one of the best in recent years and there's been some crackers. We want a trip to Norway now!
![](https://thenibbler.com.au/wp-content/themes/bandtv1/img/default.png)
Cairns Harbourside Hotel launches new tropically themed event packages
We were in Cairns for TravelDAZE recently, and we will definitely be back, for the accomm if not the weather.
![](https://thenibbler.com.au/wp-content/themes/bandtv1/img/default.png)
Foreigners to pay the price of being a tourist in Japan
It comes as no surprise to hear that cities bump up prices for tourists, but Japan is being very open about it.