Women have become more active in the housing market than men, with the most recent trends indicating the future of home buying will be increasingly female-driven.
According to the latest data from Westpac’s home ownership report, 71 per cent of women are considering either buying a home or investment property, renovating or selling in the next five years, compared with 61 per cent of men.
The data was based on a survey of more than 1,000 home owners and first home buyers in Australia.
“Mortgage Choice buyer data shows that while the majority of first home buyers in 2017 were couples, of the 22 per cent who bought by themselves, 58 per cent were women,” Westpac Wire deputy editor Emma Foster said.
“The figure is also high among customers of home loan specialist RAMS, at 49 per cent, up two percentage points since 2013.
The research suggests that the trend is set to continue, noting that twice as many female first-home buyers as males (22 per cent versus 11 per cent) were considering buying an investment property in the next five years.
“If successful, they’ll further swell the ranks of female homeowners.”
Foster also quoted the latest ABS housing data which revealed 60 per cent of women live in homes they own or are buying, compared to 56 per cent of men, and more women (23 per cent) than men (20 per cent) own their homes outright.
Westpac head of women’s markets Felicity Duffy said many factors were likely to be contributing to these trends, including that women appeared to be using property to “take control of their financial future”.
“Our research suggests women are becoming savvier and feeling more confident in the property market. They understand that home ownership can lead to greater financial security,” Duffy said.
“Also, many of our bankers say they observe more women than men taking control of family finances and, among younger singles, women tend to be diligent at building up deposits so they're better prepared to jump in when the time is right.”
Published in Urban Developer; 7th February 2018