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Summary
- According to the research conducted by CoreLogic, women are way behind when it comes to owning a property on their own .
- The CoreLogic’s women and property report reflects that women's income, wages, and wealth accumulation results in their ability to purchase a property.
- In Australia and New Zealand, the most common type of property ownership is 'mixed gender'.
In Australia, the gender pay gap between men and women is -13.4%, and it is now reflecting upon property ownership. The CoreLogic report released on International Women's Day demonstrates the interlinkage between the gender pay gap and the gender wealth gap.According to the research conducted by CoreLogic, women are way behind when it comes to owning a property on their own, and it has labelled the data as "disturbing". Today as the entire world is celebrating Women's Day, a staggering data such as this comes knocking on reality.
Source: © Malopes | Megapixl.com
Good Read: Planning to buy a property? Five questions to ask real estate agent
What did the study reveal?
The research company notes that purchasing a property is an act primarily dependent on income. When the country fixes its gender wealth gap, ultimately, the gap in property ownership would be fixed. In New Zealand, the gender pay gap between men and women is -9.5%.
Moreover, the report also reflects how women's income, wages, and wealth accumulation over the period of time results in their ability to purchase a property.
According to CoreLogic, the Australian residential real estate segment is worth more than $7 trillion. If women don't own property in real estate space where there is a high level of equity, there is a big chance that women lack access to household wealth and security.
Women in Australia own only 26.2% of more than 4.7 million properties which they evaluated. In comparison, 29.9% of the properties belong to men. Kiwi women also lag in terms of purchasing a property, owning only 20.3%. Such results point to a critical gap in the ownership ratio, which directly transcends women's income.
Source: © Fizkes | Megapixl.com
How about co-ownership?
In Australia and New Zealand, the most common type of property ownership is 'mixed gender'. About 56.8% of properties in New Zealand and 43.9% of properties in Australia have ownership by both men and women, where two or more incomes were used while purchasing the property.
Women in New Zealand have 77.1% sole or joint ownership, compared to Australian women with 70.1%. Notably, property ownership is seen higher in major cities where dwelling values are higher. In the cities, the incomes are also typically in the higher range, compared to the other parts of the country. Therefore, it again reinforces the connection between the gender pay gap, the wealth gap that leads to property ownership.
Also Read: Budget 2021: How the housing market can gain from recent sops
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Team Kalkine Media -36924 PostsTeam Kalkine Media comprises of experts who understand various markets nuances and are enthusiastic and passionate to provide best possible offerings in the form of insights and stories. The team has rich experience of working across different market...
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Team Kalkine Media -36924 Posts
Team Kalkine Media comprises of experts who understand various markets nuances and are enthusiastic and passionate to provide best possible offerings in the form of insights and stories. The team has rich experience of working across different market...
