Gen-Y Women Prioritise Homeownership

Young women aged between 18-34 years old are becoming increasingly savvy in the real estate market in Australia by prioritising property purchases, according to new research from Westpac bank.

According to the research, Gen Y women are becoming more switched onto the idea of buying a home than their male counterparts, with 87 per cent of women identifying property-related ambitions as a top life goal.

This is in comparison with 79 per cent of men who identified owning a property as a top priority.

Research findings showed the top lifetime priority for both genders in Gen Y was to buy their own home and pay off the loan sooner.

Other top priorities included owning their own homes, travelling the world and putting more funds into their savings accounts.

Furthermore, 73 per cent of Gen Y females made it clear that paying off their home loan was a top priority when securing housing finance, in comparison with only 56 per cent of Gen Y males.

Females were also more concerned with obtaining the lowest fix interest rate in the market at 78 per cent, demonstrating that they're also financially switched-on when it comes to securing a home loan.

"It is positive to see Gen Y women prioritising home ownership at a young age. Beyond this it's good to see that they keep their eyes on the prize with the goal to pay off their loans as soon as possible. Truly owning a home is one of the best ways to start growing long time financial security," said Gai McGrath, Westpac general manager of retail banking.

"These young women should arm themselves with as much information as possible to make their money work harder as soon as they put their deposits down."

With historically low interest rates on offer and housing affordability on the rise, now could be a great time for young Gen Y buyers to enter the property market.

Many people in this generation are becoming more aware of the benefits owning a property has to offer.

And with economic conditions the way they are currently, there could be a movement of younger buyers securing houses.

"These women are financially-focused when preparing for their futures. It seems it is only once when they are comfortable with their financial position that they are ready look at other lifetime priorities, such as getting married and starting a family," concluded Ms McGrath.