Girls make their move

Herald Sun - Property - - NEWS - JOR­DAN MAR­SHALL

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.”

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