Women are taking over the reins of the property market according to Westpac’s annual Home Ownership Report showing women are now significantly more likely than men to consider various housing actions in the next five years (71 per cent; men 61 per cent).
The nationwide research surveyed 1000+ Australian home-owners and first-home buyers about their home-ownership plans over the next five years. It showed women were taking the lead, including buying a home to live in (28 per cent; men 20 per cent), buying an investment property (16 per cent; men 13 per cent), renovating (29 per cent; men 27 per cent) and selling a home (17 per cent; men 14 per cent).
It’s supported by ABS housing statistics, showing 60 per cent of women live in homes they own or mortgage, compared to 56 per cent of men, and more women (23 per cent) than men (20 per cent) own their homes outright.
Female attitudes to home ownership have shifted in the past year, with increases in female first-home buyers who believe owning a home is a reflection of success and that property is a path to wealth increasing by 26 per cent and 10 per cent, respectively, since 2016. Women are more likely to believe this than men.
Westpac’s Felicity Duffy said many women were increasingly looking to buy an investment property or a home. “Whether it’s taking time out from work to have children or care for elderly relatives, concerns about gender pay-gap or just living longer lives, all these things can affect a woman’s short-term and long-term financial security,” she said.
Finding a home move-in ready is less essential to female first-home buyers, down 19 per cent since 2016, while male first-home buyers are more likely to say it’s essential – women may be more willing to renovate than men.
This report shows female first-home buyers were twice as likely as men to consider investment potential in a home as essential (35 per cent; men 18 per cent) and were twice as likely to consider buying an investment property in the next five years (22 per cent; men 11 per cent).
“Last year, Westpac recognised paid parental leave and return-to-work income for home-lending.”