GEN Z GALS & THE DREAM HOME DILEMMA: A 2024 PROPERTY PERSPECTIVE
March 2024 - It's official: Owning property is on the wishlist of Gen Z women, but there's a plot twist in the quest for keys to their own kingdom. The latest scoop from CoreLogic's 2024 Women & Property report spills the tea on the property playing field between men and women in Australia, and let's just say, it's a real page-turner.
First off, give it up for the ladies! They're slightly edging out the gents with a 68.2% dwelling ownership rate, compared to the lads at 67.4%. Yet, when we zoom in on the Gen Z scene, things get spicy. Over half of the young bucks (51.6%) are proud property owners, whereas only about a quarter (27.3%) of their female peers have snagged that coveted title. Talk about a plot twist!
Joint Ventures & Solo Missions: A Property Tale
Diving deeper, we discover that women are more likely to co-own their crib (53.3%), while more men (51.9%) fly solo on their property voyage. Eliza Owen, CoreLogic's head of research and the maestro behind the report, dishes out some food for thought, highlighting the evolving narrative of home ownership and its twists and turns across gender lines.
Young, Wild, and Free... of Property?
For the Gen Z dames, the dream of home ownership is often just that - a dream. The reasons? A mix of lower income, part-time gigs, and the high cost of living are the main culprits. Yet, as the story unfolds from Millennial Women to Baby Boomers, the scales start to balance, offering a glimpse of hope and equity in property ownership.
The Investment Plot Thickens
When it comes to investment properties, the boys lead with a 14.1% ownership rate, leaving the ladies slightly behind at 12.5%. Owen points out this gender gap extends beyond bricks and mortar to other asset classes, stirring the pot on income disparities and the need for a financial education glow-up for the gals.
The Moral of the Story
Despite these challenges, home ownership remains a cornerstone of financial security and a happy ending for many Australians. But for Gen Z women, the journey to property paradise is filled with more hurdles, hinting at the need for a rewrite on affordability and investment strategies.
So, what's the takeaway from this property saga? The landscape is shifting, with women making significant strides in the real estate realm. Yet, for the younger generation, particularly Gen Z women, the path to owning their dream castle is a bumpy ride, laden with affordability dragons and investment moats to cross. It's a story of resilience, ambition, and the pursuit of a place to call home. The end? Well, that's still being written. Stay tuned!
Adele Oliver
