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Single women savvy up to home ownership
According to data released by real estate agents and lenders, single women are driving the sales of apartments in Australia’s capital cities, and are less likely than their male counterparts to suffer ‘mortgage stress’.
According to Chris Thornton, spokesperson from mortgage and home loan lender Rams, women not only account for 50 per cent of their sole home loan applications but also make for a safer investment than men.
‘For quite some time we have found that women are accounting for a growing share of our mortgage business,’ Mr Thornton told news.com earlier this week. ‘They are better at saving for a deposit, paying off a mortgage and are more conscientious about the process.’
In Melbourne, Pride Real Estate identifies Elwood, St Kilda and Balaclava as the property hot spots, with single women seeking top-end units priced between $500,000 and $800,000. Further north, and Ray White real estate agents reveal the trend is similar in Queensland, with women primarily investing in apartments, rather than houses, in Brisbane.
‘There is a definite increase in the number of young and middle-age women looking for inner-city units, with their key requirements being security and proximity to schools and amenities,’ Colin Walsh from Ray White Brisbane City says.
‘They want the convenience of being close to shops, the gym, cinemas and a broad range of other things.’
Walsh agrees that single women run less risk of suffering mortgage stress, and believes they have become extremely savvy when it comes to owning and investing in property.
‘Women are working more, are more financially independent and are doing their own thing across all asset classes, and investing in real estate is just one of those,’ he says.
The trend isn’t the same everywhere, however, with single women less active in the Sydney property market than couples and men.
So, without the extra income afforded by having a partner, how can you afford the minimum 10 per cent deposit you’ll need to save for a mortgage? If it feels unachievable, why not try following these simple steps and watch your savings stack up.
1. Prepare a detailed savings goal – work out how much you want to save and how soon you want to save it by
2. Prepare a detailed budget – this will help you better understand your income and fixed outgoings, and work out how much you can afford to save
3. Separate your savings account from your current account – this will ensure you’re less likely to dip into your hard earned savings
4. Shop around for the best interest rate you can – your savings will thank you for it
5. Regularly review your progress – are you sticking to your budget? If not it pays to resolve any issues sooner rather than later.
What about you? Are you a single home owner? How did you save for your property?
About the Author
Lizzy has more than ten years’ experience in the print and digital publishing arena and is the Editor at Single File. Having moved from the UK to Australia in 2008, Lizzy has worked for a number of leading publishers in Sydney and has particular expertise in the health, wellness and travel markets. If you have any questions for Lizzy, you can send them across by email to email@example.com.