How gender is changing the property market
You’d have to have been living in a fairly remote cave for quite a long time to be unaware of the changing face of the Australian property market. It’s written about in the media all the time, it’s a popular topic at dinner parties across the nation, and it’s a source of interest or frustration for countless people depending on whether they already own a property, or they are trying to become a property owner.
Yet for all this focus, one of the most interesting changes to the property market is one that many people are totally unaware of, and that is the changing gender balance property owners. Yes folks, women are taking over from men as the main players in the property market!
The recent release of the annual Westpac Home Ownership Report has highlighted the increasing role that women are playing in real estate, and not just as highly effective agents. Westpac’s survey of over 1,000 Australian home owners and intending first-home buyers takes an annual look at how our property market is tracking, and the latest edition had some interesting data on the changing role of men and women in Australian property dealings.
For example, they found that:
- More women have bought a home to live in than men, (28 per cent vs 20 per cent);
- More women have bought an investment property than men (16 per cent vs 13 per cent); and
- More women are undertaking renovations than men, (29 per cent vs 27 per cent).
Based on these figures, it is probably not surprising that the report also found that women also tended to have stronger beliefs men about the importance of owning property than men.
These findings by Westpac fit very comfortably with the most recent data from the Australian Bureau of Statistics which shows that 60 per cent of women now live in homes they own, (either with or without a mortgage). This compares with 56 per cent of men.
The ABS figures also indicate that 47 per cent of all investment properties are owned by women, and this ratio looks set to change even further in the coming years as Westpac’s survey found that women are twice as likely to be considering buying an investment property in the next five years (22 per cent vs 11 per cent)!
In a property market that is constantly changing, it is important to remember that advice that is up-to-date and in-touch the latest trends is more important than ever. So if you are thinking about making a move in 2018, and would like some obligation-free advice on the best way to maximise your result in the current market, don’t hesitate to give Barry Plant Preston a call.
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