A recent survey of 25 leading Australian real estate company directors and chief executives unanimously found that women have the greatest say among couples in their choice of property. This doesn’t surprise me at all!
Women have been a driving force in Australian real estate for at least the past 15 years. We’ve seen an increasing number of single career women buying property on their own; and we’ve seen an increasing number of women taking charge of the decision-making process in the case of couples purchasing together.
So, why is this happening?
Well, I think it all begins at a young age. When I started out in real estate, it was very rare to conduct an auction and have a 28-year-old female on her own buy the property. Now it happens all the time.
By their late 20s, today’s women have got an education, a career and financial independence and buying a property is a priority for them. They have usually saved their deposit over several years and have carefully considered where they want to live and what type of property they want to live in. These young women see their first property as a significant step for their financial future and an important part of being independent.
This isn’t to say that men don’t feel the same way, it’s just that women are more likely to adopt this attitude and the statistics prove it. Census data from the Australian Bureau of Statistics shows 65% of single female householders own their own home compared to 55% of single male householders.
With couples, I think the main reason women are more commonly the key decision-makers is two-fold. Firstly, they’re more likely to have owned their own place before buying with their partner; and secondly, they tend to be more detail-oriented and willing to do the hard yards with research.
Women have proven extremely clever in selecting growth locations and adding value. They are very good at visualising the potential of a property and tend to have great intuition and a sixth sense about good properties and good locations.
When looking at a property, women will notice the finer features while men will tend to focus more on the bigger picture. A woman will remember the quality of the fittings and fixtures, the amount of storage space and the condition of the kitchen and bathrooms. Men are more inclined to think about the deal and how to get a bargain – although that’s not to say women aren’t savvy negotiators themselves!
In my experience, women buying for themselves tend to favour apartments because of their security, affordability and proximity to amenities such as transport, cafes and shops. Women with slightly bigger budgets might go for a classic inner-city period terrace; and this is a typical favourite among couples too.
When buying real estate, couples should play to their strengths. If one person is better with detail and the other is better with negotiation or has more confidence to bid under the pressure of an auction, divvy up the tasks accordingly! You’ll find the process far more enjoyable if each person is playing a role that suits their personality, interests and experience.