New research has found that younger women are more eager to climb the property ladder than men in the same age group. And they are more likely to engage professional advice to achieve their goals.
Mortgage Choice’s Property Ownership Survey conducted by CoreData asked over 1,000 Australians about their attitudes and behaviours towards homeownership.
Mortgage Choice Chief Executive Officer Susan Mitchell says the survey results are “really encouraging, when you consider how challenging it can be to crack the property market”.
The survey 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, compared to only 20% 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,” Mitchell says.
“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.”
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,” she says. “While the survey provides positive insights into the state of mind of female home-buyers, 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 14% full-time gender pay gap.
The Property Ownership survey also shows 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.
“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.”