PHOTO: Spurred on by a volatile rental market, many solo women are taking the plunge into home ownership. DOMAIN

In the real estate landscape, single women are asserting their independence, outnumbering their male counterparts in solo home loan applications—a trend that is steadily on the rise.

Buyers’ agent Michelle May from Sydney notes that this phenomenon includes not only younger, single female property buyers but also an older demographic of post-divorce women over 40. These individuals are downsizing from marital homes, reflecting a collective desire to shape their lives independently and ascend the property ladder.

Although navigating the property market alone presents challenges such as raising a deposit and managing a mortgage solo, women appear to be driven by a strong desire for independence and control over their destinies, investing in the lives they envision.

The escalating cost, volatility, and uncertainty of the rental market further contribute to the surge in women taking the plunge into homeownership. According to ME Bank’s recent analysis, single female home loan applications now surpass those of single males, accounting for 53% of the total. Moreover, the average loan size for women has seen a 15% increase.

James Sheffield, ME Bank’s head of home loans, emphasizes that gender is no longer a barrier in the pursuit of homeownership. While women may buy later and with smaller loans on average, the proportion of single women entering the property market now exceeds that of single men.

Megan Williams, a 39-year-old program manager for a global tech company, exemplifies this trend. From renting in St Kilda, Melbourne, she progressed to owning properties in Deer Park and Ballarat, ultimately acquiring a home in beachside Mordialloc. Williams highlights the significance of financial independence, enabling her to achieve personal milestones and exercise greater career choices.

Megan Williams now owns three properties. Photo: Greg BriggsMegan Williams now owns three properties. Photo: Greg Briggs

Buyers’ agent Cate Bakos underscores the exponential growth of this independent woman trend. Out of her current clientele, nine out of 15 are single females, demonstrating a shift in societal attitudes. Bakos emphasizes that women are now more educated, delaying family planning, and facing equal treatment from banks during loan applications.

Murray Katz of Logix Financial Services corroborates this shift, noting a dramatic increase in the ratio of female to male primary borrowers, which has risen by at least 30% in the last two years. He attributes this change to the increased status of women in the workplace and their growing financial independence.

Ana Marie Abellano, a first-time buyer in Sydney, echoes the sentiments of many single women entering the property market. Having purchased a one-bedroom-plus-study apartment, she emphasizes the financial feasibility of her decision and looks forward to city living as a single woman. Abellano’s story reflects the growing trend of empowered women making homeownership a reality for themselves.