March 10, 2020
New research has found that younger women are more eager to climb the property ladder when compared to men in the same age group.
Mortgage Choice’s Property Ownership Survey conducted by CoreData asked over 1000 Australians about their attitudes and behaviours towards homeownership.
Speaking about the research findings, Mortgage Choice Chief Executive Officer Susan Mitchell said, “The survey results are really encouraging, especially when you consider how challenging it can be to crack the property market.”
“We found that millennial women feel more optimistic about buying property, with 30% saying they feel it’s more achievable to enter the property market right now, as opposed to only twenty percent of men in the same age group.”
“We have seen a shift over the past year, with women feeling more empowered to enter the property market solo. Over 30% of women have or will likely buy a property on their own, which has increased from just over 25% last year. We also found that 56% of women are currently committed to saving for a home deposit, versus 45% of men.”
“Interestingly, the research revealed that women are being driven into the property market in search of financial stability, with 44% choosing to buy property in order to stop the rent cycle, versus 32% of men.”
“The data shows us that women are taking more ownership over their financial future by making the decision to invest in property. While the survey provides positive insights into the state of mind of female homebuyers, the reality is that women still face more obstacles than men when it comes to realising their financial goals. The Workplace Gender Equality Agency (WGEA) reveals that while there has been some improvement, there is still a 13.9% full-time gender pay gap,” said Ms Mitchell.
The Property Ownership survey also showed that women are more likely to seek professional help when buying property, with 53% choosing to engage the services of a mortgage broker to get a competitive deal on their home loan, versus 36% of men.
“At Mortgage Choice, we have been helping women realise their property ownership goals for nearly thirty years. We are proud that women make up 55% of our network across our business owners and their staff.
“It’s important not to underestimate the value of guidance from a qualified professional when it comes to making financial decisions and this is particularly relevant when it comes to home buying. If you have made the decision to buy solo, it’s important that you do as much research as possible to ensure that you are making an informed decision. It’s equally important that you have a sound financial plan in place so that you don’t overstretch yourself financially. Single buyers should have a contingency plan in place to protect themselves if they are unable to make their home loan repayments as they may not have the financial support from a partner if the unexpected happens,” concluded Ms Mitchell.