SA housing market being driven by women more likely to buy or sell property than men
WOMEN are winning the real estate battle of the sexes, as a report reveals they are significantly more likely than men to buy or sell a home over the next five years.
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WOMEN are winning the real estate battle of the sexes, as a report reveals they are significantly more likely than men to buy or sell a home over the next five years.
The annual Westpac Home Ownership Report, released today, surveyed more than 1000 Australians. It shows women were more likely than men to buy a home (28 per cent of women versus 20 per cent of men) over the next five years.
Females were also more likely to buy an investment (16 per cent versus 13 per cent), sell a property (17 per cent, 14 per cent) and renovate (29 per cent, 27 per cent) over the next five years. The report also revealed female first-home buyers were twice as likely to consider a short-term property investment than males.
More than 40 per cent (43 per cent) considered owning their own home a “reflection of their success in life” compared with 22 per cent of men – the gap widening from 34 per cent versus 29 per cent in 2016 – while one third of the women surveyed believe property ownership is a pathway to wealth, compared with 20 per cent of men. Westpac spokeswoman Felicity Duffy said the findings foreshadowed a spike in home loan applications from women over the next five years.
She said women faced “unique financial challenges”, including income inequality and having to take time out of their jobs to have children or care for elderly parents, which affected their short and long-term security.
Toop&Toop chief executive officer Suzannah Toop said women tended to be more focused on the long-term than men. “Women try and fit in a lot of things, a career, maybe a family at some point, and tend to have more of a 10 to 15-year outlook about how to fit everything in including home ownership; they tend to have a long-term approach to their goals,” Ms Toop said.
Her agents had reported an increase in the number of single women searching for property in recent years, and were increasingly aware of the stable long-term investment that Adelaide property represents.
Raine&Horne Semaphore principal Kate Smith said women were more property-oriented than ever. “We’re seeing a lot of younger females entering the marketplace and looking for investment opportunities,” she said.
Considering housing action in the next five years (71% women vs. 61% men) including:
■ Buying a home:
28% vs. 20%
■ Renovating:
29% vs. 27%
■ Buying an investment property: 16% vs. 13%
■ Selling a home:
17% vs. 14%
Among first home buyers
■ Considering buying an investment property in the next five years: 22% women vs. 11% men
■ Strongly believe owning their own home is a reflection of their success in life: 43% vs. 22%, up from 34% vs. 29% in 2016
■ Strongly believe owning a property is a pathway to wealth: 31% vs. 20%
Source: Westpac Home Ownership Report 2017, based on a survey of 1000 Australians
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