According to real estate guru John McGrath, “Single career women are now an influential buying force in the Australian property market”. So we asked John to reveal more, including the many strengths most women have when scouting for the perfect property.
When I started in real estate, it was very rare to conduct an auction and have a 28-year-old female buy a property on her own. It didn’t happen that often. Nowadays when you put a well-located, beautifully designed apartment block on the market, the first 10 apartments will be sold to single career women.
Single women ‘heart’ apartments
Apartments are especially popular with this demographic because of their security. Single women enjoy the comfort of being several floors off the ground with an intercom and these days, many large new inner-city apartment buildings also have a 24-hour concierge, providing a greater level of comfort for female buyers.
Little inner-city terraces are also popular with this market segment as their period character is immensely appealing.
Women remember the finer details of a property
From my experience, women are often very good at visualising the potential of a property. They tend to have great intuition and a sixth sense about good properties and good locations. Single career women have proven extremely adroit at selecting growth locations and adding value. They do their research and make sensible decisions.
When dealing with potential buyers, I’ve found that women are far more detail oriented. They tend to notice the finer features of a property while men tend to look at the bigger picture. A woman will remember the quality of the fittings and fixtures, the amount of storage space, and the condition of the kitchen and bathrooms.
Men are more inclined to think about the deal and how to get a bargain – although that’s not to say women are not savvy negotiators themselves! When couples purchase a home, it is often the woman who has guided their decision to pursue that property.
Decorating skills
Women take a lot of pride in their homes as well. I’ve seen the way single career women decorate their homes and they really understand the modern designer elements.
At McGrath, we sell a lot of properties for women who have partnered up and need to sell their first homes in order to afford a bigger place with their partner. We often don’t need to undertake major styling for their homes, because they are already so beautifully put together.
This trend is here to stay
The influence of single career women in the marketplace is likely to continue for some time. Young people are increasingly getting married and having a family later in life and funding the purchase of a property is often seen as the priority over a wedding.
Women in their late 20s have a university degree, a career and financial independence and buying a property is important to them. It’s a trend taken seriously by the real estate industry, with most properties these days marketed with a more feminine edge.
For more of John McGrath’s Rescu. blogs, click here. In particular, don’t miss John’s Summer Property Review.