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Girl power driving property market: report finds more women than men buying homes

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Girl power driving property market report finds more women than men buying homes

Kate Harder has just bought her first property at 19 and is one of the women who are leading the way when it comes to buying, selling and investing in property. Picture: Adam HeadSource:News Limited

WOMEN are winning the battle of the sexes in the property sphere as financial challenges like the gender pay gap and taking time off wo03rk to have kids push them to find alternative income streams.

This is the finding of Westpac’s latest Home Ownership Report, which reveals Aussie women are now significantly more likely than men to be planning some sort of real estate action in the next five years.

This included buying a home (28 per cent of women versus 20 per cent of men), buying an investment (16 per cent, 13 per cent), selling a property (17 per cent, 14 per cent) and renovating (29 per cent, 27 per cent), according to the survey of more than 1000 Australians.

First home buyers of the fairer sex were twice as likely to consider buying an investment property in the short-term.

Westpac has released its latest Home Ownership Report. Image: AAP/Lukas Coch.

Westpac has released its latest Home Ownership Report. Image: AAP/Lukas Coch.Source:AAP

Women’s attitudes towards home ownership have also seen a major shift in the past year, with

43 per cent of female first home buyers strongly believing that ‘owning your own

home is a reflection of your success in life’, compared with 22 per cent of men.

Westpac head of women’s markets Felicity Duffy said the survey findings foreshadowed a spike in home loan applications from women over the next five years.

She said women faced “unique financial challenges”, including income inequality and having to take time out of their jobs to have children or care for elderly parents, which impacted their short- and long-term security.

“They’re taking matters into their own hands and increasingly investing in property as a potential way to secure their financial futures,” Ms Duffy said.

Women are taking the lead when it comes to property, a new report reveals. Image: AAP/Glenn Hunt.

Women are taking the lead when it comes to property, a new report reveals. Image: AAP/Glenn Hunt.Source:AAP

While traditionally buying a home was something a woman did with her partner, more were entering the market on their own as they became financially independent and got married later in life, she said.

Kate Harder is not your average 19-year-old.

Instead of travelling the world and hitting the pubs and clubs like her peers, the ‘budding property tycoon’ is building her empire.

“I’ve always dreamt of building and owning my own home and plan to build more down the track,” she said.

“My Dad is a builder and I’ve grown up with that mindset.”

Ms Harder is purchasing her first block of land and building a custom designed three bedroom and two bathroom home at Monterea Ripley, a residential village that will feature 900 new homes on about 60ha in Ripley Valley, near Ipswich.

Ripley Town Centre is expected to create 20,000 new jobs for Ripley Valley.

Ripley Town Centre is expected to create 20,000 new jobs for Ripley Valley.Source:Supplied

Monterea Ripley director Jamie Martin and developer Gerry McHale.

Monterea Ripley director Jamie Martin and developer Gerry McHale.Source:Supplied

Advantage Property Consulting director Frank Valentic said women in couples also often took the reins in the hunt for family homes.

“‘I’ll have to talk to the boss’ is a common phrase used by a husband discussing investment options if his wife isn’t present,” he said.

“Women are much more focused on leaving a legacy for their children given the challenges of getting kids into the market, particularly in Sydney and Melbourne.”

THE PROPERTY BATTLE OF THE SEXES

Considering a housing action in the next five years (71% women vs. 61% men) including:

—Buying a home: 28% vs. 20%

—Renovating: 29% vs. 27%

—Buying an investment property: 16% vs. 13%

—Selling a home: 17% vs. 14%

Among first-home buyers:

—Considering buying an investment property in the next five years: 22% women vs. 11% men

—Strongly believe owning their own home is a reflection of their success in life: 43% vs. 22%, up from 34% vs. 29% in 2016

—Strongly believe owning a property is a pathway to wealth: 31% vs. 20%

(Source: Westpac Home Ownership Report 2017, based on a survey of 1000 Australians)

Originally published: ipswichinvestor.com.au

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Home in blue-chip street sells for $4.1 million

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Home in blue-chip street sells for $4.1 million

Home in blue-chip street sells for $4.1 million
Home in blue-chip street sells for $4.1 million
Home in blue-chip street sells for $4.1 million
Home in blue-chip street sells for $4.1 million

Home in blue-chip street sells for $4.1 million

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The canal-front home at 59 Witta Circle, Noosa Heads, sold on April 30 for $4.1 million through Tom Offerman Real Estate.

Source: www.sunshinecoastdaily.com.au

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Queensland’s population hits 5 million people today

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Queensland's population hits 5 million people today
PHOTO: Is this Queensland’s 5 millionth person? Cordy Kerr-Kennedy was born yesterday in Townsville. (ABC News: Mark Jeffery)

Queensland’s population has tipped the 5 million mark today, Premier Annastacia Palaszczuk has told State Parliament.

Ms Palaszczuk said several expectant families were on standby to welcome the state’s five-millionth resident.

“Somewhere today a brand new mum and dad will be eager to meet their new arrival,” she told the house.

“The whole family will want to know: is it a boy or is it a girl? And the doctor will say, ‘congratulations, it’s a Queenslander’.”

Ms Palaszczuk said the two main drivers of the increase were migration growth, particularly from New South Wales, and from 60,000 babies being born in the past year.

Queensland's population hits 5 million people today
PHOTO:
 The state’s five-millionth resident was born today.(ABC North Queensland: Nathalie Fernbach)

“Overseas and interstate migration is up by 50,000 people in the past year, 19,000 came from interstate … more than 12,000, or 230 a week, move from New South Wales to Queensland,” she said.

ABS data also revealed the fastest and largest-growing area in Queensland in 2016-17 was Pimpama on the Gold Coast, which grew by 3,000 people.

Large growth also occurred in Jimboomba on Brisbane’s south side and in North Lakes — a suburb north of the city — which both increased by 2,100 people.

Coomera on the Gold Coast and Springfield Lakes in Ipswich also experienced large growth up 1,400 people.

The State Government’s population counter gives a “synthetic estimate” of the number of current Queenslanders, assuming a total population increase of one person every 6 minutes and 22 seconds.

Earlier this year the Australian Bureau of Statistics (ABS) said Queensland’s population was growing at 1.7 per cent and was projected to tick over to 5 million in May.

ABS data released in March also revealed Brisbane was one of the country’s fastest-growing cities and had increased by 48,000 in 2017, hitting 2.4 million people.

 Queensland's population hits 5 million people today
PHOTO: The ABS estimated Queensland’s population was growing 1.7 per cent a year. (AAP: Dan Peled)

ABS demography director Anthony Grubb said the state’s population had “come a long way” in the last century.

“In 1901 the population was half a million; a tenth of what it is today… it took 37 years to hit the 1 million milestone in 1938 and another 36 years to reach 2 million in 1974,” he said.

But Mr Grubb said population growth “picked up the pace” after that, taking just 18 years to reach 3 million then only another 14 years to hit 4 million in 2006.

Queensland could be leading growth state in future

Population demographer Dr Elin Charles-Edwards said although Queensland is not currently the fastest growing state, it is possible it could top the leader board later down the track.

‘Not in the short-term, but Queensland is coming up off a relatively subdued growth so perhaps we might be entering an era of more rapid growth,” she said.

Dr Charles-Edwards said the challenges that generally come with increased population could be managed in Queensland.

“As long as we keep up and don’t take our eye off the ball we can continue to absorb quite high levels of growth… but really it’s keeping up with the infrastructure that’s the key challenge,” she said.

Dr Charles-Edwards said it was important to note some parts of the state, particularly in western Queensland, were experiencing population decline.

“While the south-east corner is growing and also many Indigenous communities are growing, other parts of the state are shrinking,” she said.

“Perhaps we could do more to encourage people to move outside the south-east corner.

“If we were able to work out some way to decentralise our population, growth a little bit further up into the northern regional centres, I think that would benefit the growth of south-east Queensland.”

Source: brisbaneinvestor.com.au

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APRA to end cap on property investor loan growth

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APRA to end cap on property investor loan growth

APRA is removing the 10 per cent ‘speed limit’ on investor loan growth.
Photo: Louise Kennerley


The banking regulator is axing a 10 per cent speed limit on bank lending to property investors, saying the cap has served its purpose and improved credit standards.

With Sydney house prices falling and credit growth slowing, the Australian Prudential Regulation Authority on Thursday said it would remove the cap for bank boards that could prove they had been following its guidelines on prudent lending.

In late 2014, amid a surge in borrowing by property investors and rapid house price growth, APRA took the rare step of setting a 10 per cent limit on the annual growth in banks’ housing investor loan portfolios.

The measure has rocked the mortgage market in recent years, prompting banks to jack up interest rates for housing investors, and demand borrowers stump up bigger deposits.

But on Thursday, APRA chairman Wayne Byres said it was prepared to remove the measure because there had been an improvement in lending standards and a slowdown in credit growth.

“The temporary benchmark on investor loan growth has served its purpose. Lending growth has moderated, standards have been lifted and oversight has improved,” Mr Byres

Even so, the regulator will retain a separate 2017 policy that requires banks to limit their new interest-only lending to less than 30 per cent of all new home loan approvals.

APRA also said there was “more to do” in improving other aspects of banks’ lending, including how they assessed borrowers’ expenses, their existing debts, and the approval of loans that fell outside of banks’ formal lending policies.

APRA said it expected banks to introduce limits on the proportion of new lending that could be done at “very high” debt-to-income levels.

“In the current environment, APRA supervisors will continue to closely monitor any changes in lending standards,” Mr Byres said.

“The benchmark on interest-only lending will also continue to apply. APRA will consider the need for further changes to its approach as conditions evolve, in consultation with the other members of the Council of Financial Regulators.”

Source: brisbaneinvestor.com.au

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