Australian women are leading the charge when it comes to home ownership, according to new research.
The annual Westpac Home Ownership Report, which surveyed more than 1,000 Australians, showed women were very much at the forefront of the property market.
Findings from the survey revealed that more than three quarters of women who were questioned said they were likely to buy, invest, sell or renovate a home in the next five years.
Australian women are leading the charge when it comes to home ownership, according to new research (stock image)
Conversely, only 61 per cent of men were likely to step into the property market during the same period.
Westpac spokeswoman Felicity Duffy said the report highlighted how women seemed to be using property as a way to ‘take control of their financial future’.
‘Our research suggests women are becoming savvier and feeling more confident in the property market.
‘They understand that home ownership can lead to greater financial security.’
Data from the report shows over the next five years more women than men will buy a home either to live in or as an investment, renovate or sell
While women have been able to buy a home without needing a male to be a guarantor for the past 30 years, their forays into the housing market are really starting to show.
The report predicted in the next five years, nearly 30 per cent of women were more likely to buy a home compared to 20 per cent of men.
Women were also cited as being the larger group to buy an investment property (16 per cent versus 13 per cent of men).
Almost double the amount of women were considering buying property in the next five years
A third of the women surveyed believe property ownership is a pathway to wealth, compared to 20 per cent of men.
The report also revealed that female first-home buyers were twice as likely to consider a short-term property investment as males.
Home ownership is universally considered a marker of success for many. However women are increasingly taking this to heart with more than 40 per cent saying owning a home was a ‘reflection of their success’.
Women are more likely to consider home ownership a marker of success compared to men (stock image)
In contrast, only 22 per cent of men held this view.
In 2016, the gap was much closer with 34 per cent of women versus 29 per cent of men.
Ms Duffy also explained some other factors that may be contributing to why more women felt it was possible for them to take the plunge into the housing market.
‘Many of our bankers say they observe more women than men taking control of family finances and, among younger singles, women tend to be diligent at building up deposits so they’re better prepared to jump in when the time is right.’
Though women are surging ahead of men, there are some obstacles that continue to prove challenging.
These included income inequality, needing to take time out of the workforce to care for children or elderly parents, and lower superannuation balances.
Speaking previously to FEMAIL, financial advisor Helen Baker agreed the gender pay gap is still a massive issue, though it’s improved in the past decade.
Her advice to those wanting to strike out on their own was to take a proactive stance in regard to finances.
‘Women are generally very good at managing money, multitasking and getting things in place and sticking to it,’ she explained.
‘Which means overall with the right structures and the right mechanics in place they can actually accelerate their overall outcome than if they do nothing.’