Ladies first: Aussie women are taking over the property market
Aussie women are stepping up to the plate when it comes to owning their own home, selling a house, or purchasing an investment property, new findings from Westpac’s annual Home Ownership Report show.
The research showed that women are more keen than men to enter the property market in the next five years, with 28% of women planning to buy a home to live in, compared with just 20% of men.
“It seems women are becoming savvier in the property market, and understand that home ownership can lead to greater financial security. Our research also suggests that women are outpacing men when it comes to property investment,” said Westpac’s Head of Women’s Markets, Felicity Duffy.
Aussie women are also overtaking their male counterparts when it comes to plans to buying an investment property with 16% of women keen compared to just 13% of men. In fact, female first home buyers were also almost twice as likely as men to consider good investment potential as a must-have when purchasing a property.
“Thinking about investment potential when purchasing a home is always a good idea, even if you’re planning to live in it for now,” said Mozo Property Expert Steve Jovcevski.
“If you want to sell up down the line, a property that’s close to schools or shops, has easy access to public transport and includes things like a car space or even multiple bathrooms will sell much easier, and fetch a higher price than a home without.”
Ladies might also be more willing to roll up their sleeves and embark on a renovation project, with finding a “move-in ready” home becoming less important for female buyers.
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Women's’ attitudes toward home ownership have taken a turn in the last year, as 26% more female first home buyers strongly believe that ‘owning your own home is a reflection of your success in life’ and 10% more agree that ‘property is a pathway to wealth.’
Jovcevski agreed wholeheartedly with the latter attitude.
“Property is, in my opinion, one of the best investments you can make and it’s great to see Australian women getting into the market and leading the way when it comes to making smart choices with their finances,” he said.
When it comes to purchasing a home, one of those smart choices should be finding a competitive home loan before diving into the market. So, ladies, head over to our home loan comparison table to find yourself a deal.
* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
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