Women and property – time to get into the driver’s seat
The roles of women have changed dramatically over the past 20-years and even in a male-dominated industry like real estate, women are increasingly getting a seat at the table. We’re getting a voice. We’re making decisions. We’re being heard – and these things are crucially important.
This change isn’t just happening within the industry, but it’s also evolving with everyday women and the decisions they make in their everyday life. More and more, I’m working with women who wish to buy property – often on their own. They are of all ages, different professions but equally as determined to give themselves a financial headstart.
Single or divorced women are no longer waiting around for a partner to kick-start their dreams of owning a home and growing their wealth. They’re taking their future by the horns and diving in head-first, using strategies like rent-vesting to get into the property market sooner than later.
How women fare vs men as property buyers
On International Women’s Day last year, CoreLogic launched its Women and Property: State of Play report. The insights were interesting, but not all that surprising: they found that men had a higher rate of exclusive property ownership than women, at a rate of 29.9 vs 26.6.
Considering women make up 50.9 of the population aged 18 and over (ABS), this is a significant gap.
The gender pay gap could be one reason why women aren’t climbing the property ladder as swiftly as men. When you earn, on average, 14 less than your male counterparts, it can be more challenging to save a property deposit.
But women can also be very savvy with their money, which I think is a point worth exploring.
Women may have a societal, systemic disadvantage when it comes to finding financial independence and taking control of their finances, but when they do get going – they are cooking with gas.
Women are also typically more responsible with money, with recent research showing women typically have less credit card debt, fewer credit cards, and higher credit scores.
So where to from here?
With International Women’s Day fast approaching, I’d love to inspire as many more women as possible to ‘break the bias’ and find ways that work for them to get ahead financially.
That might mean looking at your budget and income and working out a debt repayment strategy to get rid of your credit cards and personal debts. This could put you in a better position to invest in property or set some savings goals, once your debts are gone.
It could mean setting some clear, actionable savings goals to help you buy your first home or investment property. You might think this is a far-off goal, but you might be surprised – I’ve worked with so many women over the years to help them set and achieve property goals much sooner than they’d initially thought possible.
Or perhaps it looks like talking to your girlfriends, sisters, mums and aunties about their experiences with money, investing and savings? They could be kicking huge goals you’re not even aware of and might give you some inspiration to take positive action forward with your own wealth goals.
As we look to celebrate International Women’s Day and all that we’ve achieved so far, let’s also look forward to what could be possible in the future. I’m thrilled to be on the panel at the Wealth Wise Women International Women’s Day event #breakthebias – click here to learn more and register for this free event.
This series of FREE face-to-face and virtual sessions is proudly hosted by Lendlease Community Hub and API, and you can hear from industry experts in wealth education, credit reporting and property investing, as Antoinette Mullins, Victoria Coster and I (Emma Allen) share valuable insights into money matters.
Furthermore, if you’re feeling inspired to take action and move towards your property and wealth goals, contact our friendly team today to see what might be possible.