It’s no longer a man’s world when it comes to purchasing a home.
Young single women are snapping up properties at a quicker rate than their male counterparts, with new mortgage data showing millennial ladies are among the fastest growing category of homeowners in the nation.
Meanwhile men of the same age often wait until they are settled into long-term relationships before they step onto the property ladder.
“Security is more important for women,” Susan Farquhar, of investment group Calla Property, said. “Women have far greater access to wealth than they used to and they want to spend it what makes them feel safe, which is housing.
“They also often feel like they have a deadline. They’ve got to get into the (market) before they have children. The thinking for men is they’ve got the rest of their lives.”
These different priorities have created a gap in ownership rates among the sexes, with ABS data revealing 60 per cent of women live in homes they own, compared with 56 per cent of men. Single female applicants also outnumbered single men in two of the past three years, while equalling men’s participation in the other year, according to Mortgage Choice data.
This is despite women earning less, on average, than their male equivalents and spending more time outside of the workforce due to child commitments. And the housing trend is showing signs of picking up, with more women planning a purchase to capitalise on recent falls in property prices.
Only 37 per cent of men told a recent Finder.com.au poll they thought it was a good time to buy a home, compared with 41 per cent of women. And a Westpac survey revealed a similar trend, with 71 per cent of women planning a purchase in the next five years, compared to 61 per cent of men.
Real estate agents told The Daily Telegraph more single women than men were turning up at open homes and auctions this year. “Men are barely visible in sales at the moment,” Belle Property’s Nicholas Charles said.
He has sold five homes to solo female buyers aged under 35 in the past two weeks and said he had never seen so much activity from this group during his 25-year career.
“There’s a glaring disparity between the genders at the moment among younger buyers. Women are much more serious about buying,” Mr Charles said. “They’ve got much more drive and will do it alone. Most of the men we talk with say they’ll wait till they meet someone and then they will buy.”
First homebuyer Kirby Delamont said landing a property had always been a priority for her and something she recognised in other women.
“It’s something women want … and I feel like if it’s your goal you’ll make it happen,” the 25-year-old said. “I think women are more empowered in the workplace and we have choices maybe other (generations) didn’t. You don’t have to have kids in your early 20s. You have time to get some security.”
This article was first published in www.realestate.com.au. Here is the link to the original article: https://www.realestate.com.au/news/millennial-women-among-the-fastest-growing-homeowners-in-australia/