Daily Buzz: Friday, 8 March

PropertyBuzz, your daily dose of property news.

Why it’s so hard for Gen Z women to get a foothold on the property ladder, Home affordability hits a crisis point, and what Victoria is doing to help out residents whose home builders have gone bust.

Welcome to Property Buzz! I’m Juliet Helmke. Today is Friday, 08 March.

– CoreLogic’s 2024 Women & Property report reveals a significant gender disparity in home ownership among Gen Z in Australia, with 52 per cent of men in that generation owning a dwelling compared to 27 per cent of women.

– The data firm says the discrepancy is partly due to financial factors, with Gen Z women earning less on average and more likely to be in part-time or casual work. Relationship dynamics also play a role, with women more likely to co-own property.

– The gender gap in home ownership decreases with age, with a higher percentage of Millennial, Gen X, and Baby Boomer women owning property compared to their male counterparts.

– And while CoreLogic’s head of research, Eliza Owen, said that was reassuring, she also suggested the gap should still be cause for concern, noting it might be traced back in part to cultural and educational practices that see young women given less financial education.

More insight into home ownership now, and the latest figures reveal that Australian mortgage-holders are reportedly spending 45 per cent of their income on loan repayments, with first-home buyer activity declining by 5 per cent in the September quarter 2023.

– Housing affordability is worsening across the country, with Australians becoming more reluctant to buy property. The number of owner occupied dwelling loans decreased to 74,855 in the September quarter, a 4 per cent quarterly decrease.

– Rental affordability also declined, with the proportion of income required to meet median rent increasing by 0.5 percentage points to 24 per cent. This decline was seen in New South Wales, Victoria, Queensland, and South Australia.

– And in Victoria, the state government has announced it will extend the Liquidated Builders Customer Support Payment Scheme to Victorians whose builder has become insolvent without taking out insurance.

– Builders are legally required to take out Domestic Builders Insurance (DBI) for contracts over $16,000. New penalties for not holding DBI can reach up to $480,000 for companies.

– The payment scheme has been described as a “lifeline” for many Victorians, providing support for those affected by the collapse of builders like Montego Homes.

– Assistant Treasurer Danny Pearson urged customers to ensure their builder has taken out insurance, emphasizing new penalties for those who fail to do so.

That’s Property Buzz for today.

See you again tomorrow, 09 March, for your daily dose of Property Buzz.

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