Girls make their move
SISTERS are doing it for themselves.
Women from Generation Y are becoming bigger players in the property market and outweighing their male counterparts across the country, new figures reveal.
Research by ING Direct shows a 9 per cent increase in the number of Gen Y females with financial settlements in the past five years across Australia.
Gen Y women accounted for 14 per cent of mortgage holders in 2009 compared to 23 per cent in 2015. This means in 2015, Gen Y women, aged about 22 to 35, accounted for almost a quarter of mortgage settlements across the country.
In Victoria, Gen Y women accounted for a significant portion of the market, with 18 per cent of financial settlements belonging to the demographic.
By comparison, Gen Y males had a 16 per cent share of the market in Victoria and a 20 per cent share nationally.
ING Direct’s executive director of customers, John Arnott, said young buyers remained a force regardless of strong price growth in Melbourne. “Despite Melbourne experiencing dramatic home value growth over the past 12 months — the most in Australia at 11.1 per cent — this hasn’t prevented Gen Y buyers entering the property market,” Mr Arnott said.
“Gen Y females make up 18 per cent of property buyers in Victoria, while their male counterparts account for 16 per cent of customers with mortgage settlements.”
ING Direct head of product Tim Newman said there had been an increase in independence and confidence with women buying property.
“Generation Y as a whole is very goal-oriented when it comes to career, finance and property aims,” Mr Newman said. “This isn’t necessarily something earlier generations of women have had the freedom to pursue.”
The growing influence of Generation Y buyers as a whole could partially be attributed to the fact they were moving further in to their careers.
“A lot of younger buyers are hitting that point where they are financially ready to enter the property ladder,” Mr Newman said. “A lot of Generation Y buyers are also realising that the dream house in the dream suburb is a hard ask off the bat and are increasingly willing to compromise.”
Young professional females are particularly active in suburbs well set up with amenities, according to Stockdale & Leggo franchise and business development manager Mark Rogers.
“We see independent females buying property in areas that are well connected, in areas that are safe and secure,” he said. “An increasing number of women are looking at it as a way to secure their independent financial future. We see a firm focus on the future from our younger female buyers.”
Apartments and villa units in inner bayside suburbs such as Elsternwick, Elwood and St Kilda were particularly popular with Generation Y women.
“We are seeing most of the online inquiries in those suburbs coming from younger women,” Mr Rogers said.
“They are the ones doing the research and picking suburbs where there is a lot going on.”
Lifestyle features such as easy access to shops, cafes and restaurants were the other key elements female buyers were looking for. “If you look at the areas younger women are buying in they are areas where they can wake up at 10am on a Saturday, stroll down the street and end up at a trendy cafe,” Mr Rogers said.
“But more than that they are looking for areas where buying property is a wise investment.”