The report reveals that men are associated with 3.1% more ownership of the analysed housing stock than women, with female-only ownership at 26.8% and male-inferred ownership at 29.9%, while joint ownership between males and females is at 43.4%.
Capita Finance Professional, Ruby Kennedy explains that although there may be a disparity between men and female in terms of home ownership, she believes that the gap is closing.
“Having been a mortgage broker for a long time now, I do feel the disparity is shrinking,” Ms Kennedy said.
“There are months where we see a higher number of females seeking mortgage assistance services, while other times we would see more men and I believe this gap will continue to close, coinciding with the gender wage gap.”
The gender wage gap in Australia as of November 2022 was 13.3%, down from 14.1% in May of 2022, and the decade average of around 16%.
This narrowing of the gender pay gap was driven by tightening labour market conditions through the pandemic, where full-time ordinary earnings rose slightly faster for women than men.
Having witnessed the ebbs and flows of Perth’s property market, Realmark Urban Residential Sales and Leasing Consultant, Natalie Arnold believes it is crucial to bridge the gap by empowering women through enhanced financial literacy and education regarding property investment.
“Policies like shared equity schemes could help more women attain home ownership, by addressing this wage disparity,” Ms Arnold said.
“The schemes providing assistance to those who might not feel they’re financially ready to own a home, which is not just important for women, but anyone finding it difficult to get into the home ownership market.”
Head of Australian Research and author of the report, Eliza Owen, notes that although it's challenging to identify precisely why this disparity exists, there are significant gender differences in property and ownership types.
Ms Owen highlights that investment property is the primary cause of gender disparity, with Australian men owning 7% more of the analysed investment properties than women.
“Most of the discrepancy between male and female ownership of property could be explained by ownership of investments,” said Ms Owen.
But although this discrepancy still exists, Ms Arnold sees this as an opportunity for more women to pursue their property aspirations.
“The property market can be complex, and it's not uncommon to encounter discrepancies, however, I strongly encourage women to seize the opportunity and go after property ownership if they have the desire to do so.”