How 30-year old Lorna Wang amassed a $2.4m property portfolio

Savvy young single women are increasingly and successfully turning their hands to managing sizeable property portfolios. Here’s how.

Savvy single young women are increasingly and successfully turning their hands to managing sizeable property portfolios as a path towards financial security.

Recent CoreLogic figures revealed single females owned 24 per cent of property in Australia, while single men owned 27.7 percent, and the gap is closing.

Sydney-based medical recruiter Lorna Wang is one woman making that a reality, having created a $2.4m portfolio before she turned 30.

30-year-old property portfolio owner Lorna Wang purchased her first property when she was 22.

Ms Wang was just 22 when she purchased her first property in Brancourt Ave in the south-west Sydney suburb of Yagoona, and has since built a portfolio of five properties across Australia.

“I started working when I was 15, and essentially I started saving up for a deposit from day one of my first job,” Ms Wang said.

“I didn’t really know too much about buying properties when I purchased the Yagoona property at 22, I ended up using a buyer’s agent for the other four properties.”.
Ms Wang credits InvestorKit as the buyer’s agency which helped her purchase her subsequent four properties.

39 George St Eastern Heights QLD - sold in 2020 for $349,000

“I’d love to add more properties to my portfolio, but for right now I’m just holding them until I’m able to sell for a higher price,” Ms Wang said.
“I’d encourage any younger women to go for it, although it’s not always easy.”
“I made a lot of lifestyle sacrifices. I didn’t go out every weekend to party, do the gap year, three-month Europe holiday, eat and drink at fancy restaurants and buy a new car or designer goods.”
“This was the foundation which allowed me to save.”

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2 Windsor Avenue, Clovelly Park was last listed for a sale price of $412,500 in 2015.

Another of Lorna Wang’s homes.

Data collected from ME Bank’s analysis of customer applications found that the average loan size for women applying for a single mortgage increased by 7 per cent to $411,752 in 2021.

1 Brancourt Avenue Yagoona was Ms Wang’s first property she owned at 22.

In comparison, single male applications increased by 6 per cent to $449,273 in the same timeframe.
According to ME General Manager John Powell, the data shows that gender is no barrier to home ownership.
“While women are buying a little later and with smaller loans, the proportion of single women versus men buying property is split right down the middle at 50 per cent.”

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