Where women have long been the primary influencers in property purchasing decisions, they are now not just confident purchasers of their own residential homes, but are increasingly building property portfolios, says Chrissie Johnson, customer relationship manager, Seeff North Coast. Statistics from Seeff’s mortgage originator shows that there are more single women compared to men in their twenties purchasing property. The data shows a nearly 400% jump from the 21 to 25 age group to the 26 to 30 age group, with sales to women peaking in the 31 to 35 age bracket.
After that, there’s a gradual decline in the single name purchases as women get older. This means it’s predominantly millennial women who are purchasing. The older group statistics reflect a pattern of joint property purchasing when earnings rise, marriage occurs, and when housing a family in larger-sized properties with safe outdoor spaces. Johnson says young professional women are taking advantage of the low interest rate and while there’s been a marginal 1,8% drop in female loan applications this year, female applications continue to outstrip those of male applicants.
Influencers to buyers
The substantial increase of women in the workforce over the past three decades has seen their role progress from being influencers in the decision-making process of high-value purchases to now being rightful buyers in their own capacity. Women are increasingly looking to build wealth early and view a property purchase as an important aspect of securing their future, says Johnson. The work-from-home trend has further boosted demand for homeownership among females, especially those who have taken the opportunity to start their own small businesses or who have entrepreneurial or professional roles.