Gen Y women tak­ing leap into own­er­ship

The Weekend Post - Real Estate - - Front Page -

home loan mar­ket com­pared with their male coun­ter­parts.

An­nual fig­ures re­vealed a clear trend to­wards Gen Y fe­males dom­i­nat­ing males in the same age bracket ev­ery year since 2009.

“I de­cided to buy my own house as I couldn’t fathom pay­ing rent on my own would cost me just as much each week as re­pay­ments would, for some­thing that could be mine,” Ms Fichera said.

“Ob­vi­ously, ini­tially it is go­ing to be more ex­pen­sive and you need to have some sav­ings for the fees that are in­volved, but know­ing I go home to my own house each day gives me a sense of ap­pre­ci­a­tion and self-worth.

“This is a mile­stone I have strived for ever since my work­ing ca­reer be­gan.”

The first-home buyer pur­chased her three-bed­room Mt Sheri­dan cot­tage af­ter work­ing hard to save a “de­cent de­posit”.

“Buy­ing a house is a dif­fi­cult task,” she ad­mit­ted. “It takes some strain on your­self men­tally as it is a big com­mit­ment, but the re­sults are worth it.”

She said it was promis­ing that more fe­males were will­ing to “go it alone” when it came to prop­erty in­vest­ment.

“I find that so­ci­ety be­lieves males are to do the hard yards and make the in­come for your fam­ily, but in re­cent years this stereo­type has changed.

“I be­lieve that there is no right or wrong way of mak­ing these com­mit­ments and there is def­i­nitely a huge sense of sat­is­fac­tion know­ing your hard work has been put to­wards some­thing that you want.

“It’s time that Gen Y have stepped up and de­cided to be­come more in­de­pen­dent.

“I am in­ter­ested in set­ting my­self (up) for the fu­ture.”

Queens­land data re­vealed Gen Y women av­er­age a com­fort­able 2 per­cent­age point lead on men of their gen­er­a­tion (18 per cent ver­sus 16 per cent) when it came to fi­nan­cial set­tle­ments. MORE young women than ever be­fore are wear­ing the pants in own­ing their own homes, ac­cord­ing to new data.

Since 2009, the ING Direct mort­gage set­tle­ment break­down has shown Gen Y males have been 2 per­cent­age points be­hind Gen Y fe­males when it comes to cus­tomer fig­ures – ex­cept for last year when the women jumped ahead 3 per­cent­age points.

Com­par­a­tively, for Gen X in the same pe­riod, the pro­por­tions were neck and neck at 25 per cent each, and, among Baby Boomers, men were ahead by one per­cent­age point (9 per cent ver­sus 8 per cent).

ING Direct cus­tomer ex­ec­u­tive di­rec­tor John Arnott said younger buy­ers had not been de­terred by ris­ing dwelling val­ues. “The num­ber of Gen Y cus­tomers with mort­gage set­tle­ments has grown by 76 per cent since 2009,” he said.

“This growth is in stark con­trast to Gen X, where the num­ber of cus­tomers with mort­gage set­tle­ments has de­creased by 12 per cent.”

Hous­ing was worth $6.5 tril­lion to the Aus­tralian econ­omy, ac­cord­ing to ING Direct, “al­most three times the value of Aus­tralia’s com­bined su­per­an­nu­a­tion funds”.

Despite the Gen Y rise, Aus­tralian Bu­reau of Sta­tis­tics fig­ures show first home buy­ers were still a strug­gling seg­ment of the hous­ing fi­nance mar­ket, mak­ing up 14.2 per cent of all owner-oc­cu­pied loans in March this year – the low­est since May 2004. CoreLogic RP Data an­a­lyst Cameron Kusher warned those who didn’t al­ready own a prop­erty would “strug­gle to com­pete with in­vestors and up­graders who have been ac­tive in the mar­ket”. The “sim­ple an­swer”, he said, was for first home buy­ers to look out­side ma­jor ci­ties for prop­erty.

WORTH IT: Natalie Fichera with Kimba the dog at her For­est Gar­dens home is a Gen Y first-home buyer at age 23.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.