This week we celebrated International Women’s Day, and there were various fundraising and network events held throughout the Sunshine Coast to mark the occasion. In this same week CoreLogic, Australia’s leading property data, information, analytics, and services provider; released an inaugural report “Women and Property: State of Play” providing evidence of the relationship between the gender pay gap and the gender wealth gap.
The report analysed a 2021 snapshot of property ownership by gender across Australia, by matching ownership gender with 41.2% of properties; and suggests addressing gender income inequality is one of the leading barriers to women growing their wealth through property.
CoreLogic’s Head of Research, Eliza Owen said that women appear to lag behind men in property ownership.
“Unsurprisingly, the report found that rates of male property ownership are generally higher than women, but with important distinctions that highlight the relationship between the gender wealth gap and the gender pay gap and have implications for institutional response,” she said.
CoreLogic estimates Australia’s residential real estate to be worth over $7 trillion.
“Given there’s a high level of equity held in real estate, if you don’t own property, that’s a big source of household wealth and security you don’t have access to.”
In summary, the key findings were:
- Unsurprisingly, there were higher rates of property ownership among men than women in Australia. Property exclusively belonging to owners identified as female represented 26.2% of those analysed across Australia.
- Property exclusively belonging to owners identified as male represented 29.9% of the properties analysed across Australia.
- The most common type of ownership was ‘mixed gender’ ownership, where both men and women had ownership of the property. This accounts for 43.9% of properties in Australia. The mix of male and female ownership implies two or more incomes were used to buy the property.
- Across Australia, rates of female ownership of property tended to be higher in major cities.
- In Australia, female property ownership is higher where dwelling values are higher, and incomes are typically higher. This reinforces the idea that property ownership is ultimately a function of income and fixing the gender wealth gap in property could be about fixing the gender pay gap. (Source: CoreLogic)
It just goes to show, that whilst we have come a long way – there is still work needing to be done, and certainly it is disappointing that there is still a gender pay gap in some workplaces. We all need to collectively work towards full income parity; until we have that, we can never have full equality.