Survey: Gen Y females are far more property-conscious than males
The war of the sexes has discovered a new battleground - the arena of homeownership expectations. According to a recent Westpac Bank study, 87 per cent of Gen Y woman aged between 18 and 34 have prioritised owning a home and paying off the home loan in their lives.
This has beaten out males of the same category, with only 79 per cent of Gen Y men putting homeownership high up on their top life goals.
The study also revealed that Gen Y women are more financially savvy when it comes to searching for a property to purchase in the market, and their ambition has been applauded by Gai McGrath, general manager of retail banking for Westpac.
"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," said Ms McGrath in a September 11 statement.
Furthermore, the report detailed that Gen Y woman also had a better understanding of the home loan market, with 81 per cent of female respondents understanding what a variable rate home loan was, compared to only 60 per cent of Gen Y males.
Furthermore, they were also more likely to list repaying their home loan as an immediate and important goal, with 73 per cent of Gen Y woman listing faster home loan repayment as a goal - compared to only 56 per cent of Gen Y men.
"Truly owning a home is one of the best ways to start growing long time financial security. 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," said Ms McGrath.
"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."
For any young members of Generation Y looking into buying a property for the first time, ensuring you seek the right real estate advice is imperative.
For example, chatting with a financial expert will help you to secure the best home loan possible, especially given the historically low cash rate being experience in Australia at the moment.
Furthermore, finding the perfect home can be aided by getting in contact with a real estate agent, in order to gain invaluable insight into the local market.