Young Aussies shun local property dream to buy cheaper homes overseas

Young Aussies are giving up on the dream of owning a home in Australia and taking their cash offshore instead, as soaring prices push a growing number to snap up properties in places like Italy, Dubai and Japan. Fresh investment data shows younger Australians are already far more willing than older generations to put their money into international markets – and that same trend is now showing up in property, with buyers chasing cheaper homes and a better lifestyle overseas. Australia’s investor base is getting bigger, younger and more globally focused, according to new analysis of more than two million CommSec customers. The news comes as the Reserve Bank looks to hike interest rates for the fourth time this year at its September meeting today. The data shows Gen Z, Millennials and Gen X each hold 10 per cent in international shares – double the level of Baby Boomers – underlining a sharp generational shift towards offshore opportunities. RELATED ‘Control’: Portelli suddenly quits Aus for good Aussies flee housing market for overseas property bargains Aussie mates team up to buy $1.6 home in Italy Aussie mates Miles, Ricky, Jack and Riley have quit Australia for a regional town in I...