Upfront costs and affordability concerns weigh more heavily on female buyers
Younger Australians, particularly women, are placing less importance on owning property, new data from Cotality has suggested.
The firm’s sixth annual Women and Property Report finds that Millennial and Gen Z women are less likely than men to see home ownership as highly important. Among Gen Z respondents, 38% of women rate ownership as very important, compared with 48% of men. Among Millennials, 58% of women and 67% of men hold this view.
More than half of Australians who do not yet own a home (53%) say upfront costs such as deposits, stamp duty and transaction fees have delayed their purchase. Among non‑owners, 56% of women cite these costs as a key barrier, compared with 50% of men. The burden is greatest for Gen Z Australians (born between 1997 and 2012), with 58% nominating upfront costs as their main obstacle to buying.
Affordability of ongoing expenses is another drag on demand. Almost three in 10 respondents (29%) report holding off because they believe mortgage repayments, council rates and other running costs are too high, rising to 40% among Gen Z.
In addition, 21% of non‑owners say they cannot qualify for a mortgage, while 19% say they are not yet ready or looking to buy.
“These findings raise important questions for policymakers, industry leaders and financial institutions about how to better support young Australians – especially women – in achieving property ownership if it remains a national goal,” said Gerard Burg (pictured right), head of research at Cotality Australia.
“Women’s property aspirations are also constrained as the gender pay gap builds over the course of their careers.”
Lisa Jennings, chief commercial officer at Cotality Australia, added that saving for a home deposit had become significantly harder for many young Australian women, particularly as they navigate lower average earnings, career breaks and rising living costs.
“If we want property ownership to remain an achievable goal, it’s critical that governments, industry and employers work together to remove barriers and provide targeted support that helps women build savings and enter the market with confidence,” she said.
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