Empowering women to invest in property and build wealth for future generations
As Australians engage in conversations around gender equality this International Women’s Day, we spoke with some of our female PropHeroes about why it’s important for more women to invest in property and how PropHero is helping to make that happen.
Where are the women property investors?
Supporting women to invest in property is something we are passionate about at PropHero because it has the power to underpin financial security and create wealth for future generations.
However, if you look at the latest CoreLogic statistics, you could be forgiven for asking: Where are the women property investors?
According to CoreLogic, investment property remains at the centre of gender disparity in Australian property ownership, with men owning 36.3% of investment properties versus women owning 29.5%, and 34.2% being jointly owned.
Moreover, the CoreLogic data shows that women tend to buy lower value units, whereas men tend to buy higher value houses, which has implications for longer-term asset accumulation and wealth imbalances over time.
Investing in yourself and building wealth for future generations
Property investment is a pathway towards wealth for yourself and your family’s future generations too.
For Lisa Black, one of PropHero’s amazing personal property coaches, there’s a fantastic feel-good factor in being on the journey with other women wanting to invest in residential real estate and make their family’s financial future more secure.
“Helping women invest in property is one of my most favourite things to do working for PropHero,” said Lisa. “With the right help, women can achieve property ownership on their own, so they can achieve financial freedom and make a strong future for themselves and their family.”
Lisa is an advocate for more educational opportunities, delivered at a younger age, about financial literacy and wealth creation strategies – like rentvesting – so young women have the confidence to take action sooner to secure their own financial future.
Overcoming time and confidence barriers faced by women
There are a lot of steps involved in finding, financing, buying and managing an investment property. As it’s a very male dominated industry with a strong sales culture, we’re not surprised that many women find it stressful… so PropHero is here to help!
At PropHero, our mission is to make investing in property simple, transparent, more profitable and stress-free. It’s why we give all our clients a personal property coach – like Lisa – who can guide you through every step along the way.
Many women have never been encouraged to think about owning real estate in their own name.
Others have thought about it, but haven’t known how to get started.
A lot of women worry about the responsibilities of looking after an investment property because they lack hands-on experience when it comes to property maintenance and dealing with tradespersons.
And when you are a working mother, life is very busy! You may worry that you don’t have enough time to take care of an investment property.
PropHero is set up to help women overcome all of these barriers. It’s all part of our fixed-price service and our digital tools mean you can check your investment from anywhere, at any time.
Luciola (Lucy) Ramos, our sales manager, has mentored many first-time female investors. Being a recent property investor herself, Lucy knows a thing or two about being a total beginner and how daunting the process can be.
According to Lucy: “Most of our female clients are investing in property for the first time, and they all mention that purchasing a property without help is stupidly complex. Without our guidance, it’s hard for them to understand the actual value of a property given the way they are listed by real estate agents.”
Our clients have found that being guided by an experienced mentor such as Lucy, has allowed them to proceed with confidence that they wouldn’t otherwise have had.
The right help makes all the difference
There are a variety of systemic factors that explain why men own more property than women.
These include historical and cultural norms like the motherhood penalty, that affects women who step out of the workforce or only work part-time when they have children, and the ongoing gender pay gap that affects women in the full-time workforce.
Every single industry in Australia has a gender pay gap that favours men. And the gender pay gap increased in eight industries last year, according to the 2022 WGEA Gender Equality Scorecard: The State of Gender Equality in Australia report.
Sophie Hayek, our business leader in Australia, describes the gender pay gap as having a “detrimental effect” on women versus men when it comes to saving up for a home deposit.
To help combat this, and as part of our full end-to-end service at PropHero, we are able to refer our female clients to some of the best money professionals, including mortgage brokers who are experts in working with women to invest in property.
Women make great property investors
While the gender gap in property ownership and investment is concerning, it’s important to recognise that these statistics do not necessarily reflect the interest or competence of women in property investment.
“Despite the challenges that we’re talking about, there are many women out there who are investors in real estate and who are breaking barriers and are successful investors,” said Sophie Hayek.
This is backed up by the CoreLogic data, which shows that women are more inclined to invest in real estate than their male counterparts, where they have the resources to do so.
Here at PropHero, we believe that addressing these challenges is critical to creating a more inclusive property investment industry that provides women with the same opportunities as men, to invest in residential real estate and build wealth over time.
At PropHero, we are committed to empowering women through education to increase their knowledge and confidence in property investment. By offering support to women investors, we can create a more equitable and thriving property investment industry.
Here’s to the female PropHeroes!
Leveling-up society’s overall gender equality is a collective action.
At PropHero, we are committed to play a positive role in empowering women, one property investment at a time.