Women Get Serious About Property

Australian women are becoming major players in the country’s residential property market, edging ahead of men on the home ownership ladder for the first time.

Research shows that more women than men now own real estate in Australia but also that they take slightly longer to enter the property market than their male counterparts.

A new survey by CoreLogic, published earlier this year, shows that 68.2% of Australian women now own at least one residential property, compared to 67.4% of men. [1]

Eliza Owen, CoreLogic’s head of research, says that while the latest results are encouraging, many younger women are struggling to enter the property market as affordability worsens.

“For a lot of young people, our housing market is increasingly inaccessible, but even more so for females, who are at an early stage of their careers,” she said. [2]

Despite these obstacles the number of young single females applying for home loans has increased significantly over the past five years, according to Shirphine Loh, senior product manager at BOQ.

“This shows that gender is no barrier when it comes to buying your own home,” she said. [3]

Twin sisters Mary and Monica Salib are a perfect example of how 20-something women are now willing to invest in property – both have bought at The Gladstone Village, ALAND’s exciting masterplanned community in Merrylands.

“Growing up as twins we kind of always did things together,” says Mary, a project marketing manager. “So, it just turned out that we were both looking for property at the same time.”

The sisters have bought two-bedroom apartments on the same floor at Quartz, the first release at The Gladstone Village – both impressed by the amenities, including a swimming pool and BBQ area, and its proximity to public transport, shops and restaurants.

“I love the open-plan design, the big balcony and great views,” says Mary, who purchased her apartment with husband Steven. “It feels like holiday living, which is my favourite part.”

A growing cohort of family members are now buying at Quartz since the government unveiled a scheme which allows friends and relatives to buy property together.

Monica, an HR manager in Sydney, was impressed by the amenities at Quartz such as the rooftop swimming pool BBQ and the shopping precinct on the ground floor, plus the potential that The Gladstone Village offers for capital growth.

“My sister works for the company, ALAND, and would come home and tell us all about their new development,” she says. “The Gladstone Village was the perfect choice for me.”

Under the Home Guarantee Scheme family and friends may now pool their savings to purchase their first home with a 5% deposit and no need to pay Lender Mortgage Insurance.

Apart from being a great place to live, Mary and Monica both believe that The Gladstone Village is also a prudent investment, with one-bedroom apartments starting at just $544,500. 

“Our two-bedroom apartment was very affordable,” says Mary.

Although Quartz is now almost fully subscribed (only a handful of apartments are still unsold), work has begun on Stage Two of The Gladstone Village masterplan. When complete the 2.5-hectare site will contain over 1,000 apartments, several retail outlets, childcare centres and a large area of green open space.

If you’d like to learn more about The Gladstone Village, please visit our Display Suite at 4 Terminal Place, Merrylands (open Wed-Sun, 10am to 5pm), or call us on 1800 025 263.

Sources:

[1]CoreLogic, March 8, 2024
[2]The Sydney Morning Herald, March 8, 2024
[3]Australian Financial Review, March 8, 2024