If you haven't been to a house auction in awhile (or ever), or you've somehow managed to avoid the many versions of The Block and The Block rip offs, you may well be shocked to realise that the average house price in most Australian capitals is somewhat ridiculous. And as prices continue to soar, that one time dream of home ownership is slipping through the fingers of many Generation Ys.
Earlier this year, a survey revealed that a typical house in Australia now costs 5.6 times the median household income. In Sydney, that figure is 12.2 times, the ABC reported.
The thought of struggling to save for a deposit and an almost never-ending mortgage, has thus turned the once great Australian dream into a bit of a nightmare. So some Aussie youngsters are ditching the dream altogether (or in the very least delaying it) in favour of travelling the world.
According to an ME Bank survey, more than three quarters of Gen Ys now say they have decided to delay settling down in order to travel overseas, news.com.au reported.
With 62 per cent of young Australians who have travelled overseas in the past three years saying travel is necessary, not a luxury, it's clear that priorities have changed.