The profile of the first-time home owner continues to change, with women taking a far more active role in their personal financial security. It wasn’t long ago that Australian women required a male guarantor to have their own mortgage. It has only been just over 30 years since that was the case, but in 2022 this historical truth seems like a far-forgotten relic.
As Nila Sweeney in the Australian Financial Review aptly stated, “There was a time when owning a home was something many women put off until the “right time” came…But not anymore.”
Recent research shows that 60.6% of first-home buyers are currently women. To learn more, we spoke with associate director of Belle Property, Charles Bailey.
Bailey has been in the industry for over 20 years and has an intricate understanding of Sydney’s property market, particularly in the city’s inner west. From classic Victorian terraces located in the leafy suburb of Annandale to smaller apartments lining Newtown’s iconic King Street, Bailey has both witnessed first-hand and been a part of the rise in Sydney’s reputation as one of the world’s most sought-after real estate markets to buy into.
Bailey explained, “In comparison with when I first started my career in 1999, the buyer trends have changed significantly in recent years.”
“I’m seeing more and more women interested in buying properties on their own for the purpose of sole residency.”
“The property type is usually a two-bedroom house in central locations.”
When we asked Bailey to tell us a little bit more about what types of properties women as first home buyers are interested in, he explained, “Well, right now, I’m selling a property in Marrickville, Sydney which is a two-bedroom house.”
“And, when I think about it, almost all the interested buyers are women. They’re aged between 25-30 and it’s their first time buying. I’ve hardly had any men view it. And that seems to be a trend for most properties I’m selling which fit that description.”
First home buyer and financial-advisor, Martina Taylor, bought her one-bedroom apartment over ten years ago.
When we asked Taylor about her experience of first-home buying, she commented, “I entered the property market on my own. It became important for me to achieve the security as well as independence that owning your own home brings.”
When we spoke to other women who were also first home buyers, sentiments like Taylor’s experiences were echoed. From changing societal norms to policy changes and an increased awareness about the importance of financial independence, the trend we’re exploring hints to something deeper.
While the property market is closely linked to and influenced by finance, it’s also an industry fundamentally determined by social trends and mainstream thought. In the not-so-distant past, buying property was a far-fetched dream for many Australian women. In 2022, women are leading the way when it comes to achieving financial independence and buying property for the purposes of security, enjoyment and freedom. And this trend might only be the tip of the iceberg in terms of what we can expect to see more of.
This article is provided for general information purposes only. Its content is current at the date of publication. It is not legal advice and is not tailored to meet your individual needs. You should obtain specialist advice based on your specific circumstances before taking any action concerning the matters discussed in this article.