Mortgage Choice’s Property Ownership survey found millennial women were more likely to enter the property market than men.
New research by Mortgage Choice’s Property Ownership Survey conducted by CoreData asked over 1000 Australians about their attitudes and behaviours towards homeownership.
Mortgage Choice Chief Executive Officer Susan Mitchell said the survey results were encouraging especially considering how challenging it can be to crack the property market.
At a Glance:
“We found that millennial women feel more optimistic about buying property, with 30 per cent saying they feel it’s more achievable to enter the property market right now, as opposed to only 20 per cent of men in the same age group.,” said Ms Mitchell.
“We have seen a shift over the past year, with women feeling more empowered to enter the property market solo.
“Over 30 per cent of women have or will likely buy a property on their own, which has increased from just over 25 per cent last year.
“We also found that 56 per cent of women are currently committed to saving for a home deposit, versus 45 per cent of men.
“Interestingly, the research revealed that women are being driven into the property market in search of financial stability, with 44 per cent choosing to buy property in order to stop the rent cycle, versus 32per cent of men.”
Ms Mitchell said the data shows women are taking more ownership over their financial future by making the decision to invest in property.
“While the survey provides positive insights into the state of mind of female homebuyers, the reality is that women still face more obstacles than men when it comes to realising their financial goals,” said Ms Mitchell.
“The Workplace Gender Equality Agency (WGEA) reveals that while there has been some improvement, there is still a 13.9 per cent full-time gender pay gap.”
The Property Ownership survey also showed that women are more likely to seek professional help when buying property, with 53 per cent choosing to engage the services of a mortgage broker to get a competitive deal on their home loan, versus 36 per cent of men.