But gender-related challenges continue to affect access to homeownership
Nearly seven in 10 Australian women, or 68.2%, own at least one property, which is marginally higher than the 67.4% of men who reported the same, according to new research.
CoreLogic’s latest report on Women & Property underlines significant disparities in property ownership among different age groups and genders.
One of its findings is that while women had a slight lead in ownership, they are more inclined to co-own residential properties, with 53.3% of female property owners doing so, compared to 51.9% of male owners. On the other hand, a higher percentage of men own property solely, standing at 51.9%, against 50.2% for women.
Women’s average property value stands at $1.05 million, marginally lower than men’s average value of $1.07 million. Additionally, the average housing debt for women is reported at $256,541, which surpasses the male average of $237,230. This discrepancy results in women having an overall home equity position that is approximately 5.4% less favourable than that of men.
The CoreLogic report also indicated that women are more likely to own houses, with 69.2% of their properties being this type, compared to 64% for men. However, men have a higher percentage of unit ownership at 22.6%, as opposed to 18.3% for women.
Among those aged 18 to 29, 51.6% of males own property, significantly outpacing the 27.3% of females in the same age bracket. This discrepancy is attributed to factors such as lower average incomes and a higher prevalence of part-time and casual work among young women.
CoreLogic noted that as age increases, so does the rate of dwelling ownership across both genders, with the gap narrowing significantly among older generations – a trend that suggests a level of parity in homeownership between men and women over time. However, concerns about the timing of ownership and the challenges faced by women in entering the market remain.
“Presumably, the gender-based homeownership gap closes in part due to the formation of couples and family households, so while the pay gap between men and women becomes less important for mixed-gender couples, it may pose potential risks during relationship breakdowns,” said Eliza Owen (pictured), head of research at CoreLogic.
“Despite overall dwelling ownership parity, this year’s survey reveals that affordability constraints and the home-buying process pose significant challenges for a higher share of females, emphasizing the need for targeted solutions to address gender disparities in Australian home ownership.”
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