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New Zealand women are more likely to regard property as the best way to building wealth than their counterparts in Australia, the UK and Canada.
But new research says Aussie women are more likely to actually buy.
According to a global study conducted for non-bank lender Wizard Home Loans of 2000 women homeowners in Australia, the UK, Canada and New Zealand, 11 per cent of Kiwi gals intend to acquire a portfolio of five or more properties. Yet Aussie women appeared the most property-savvy, with almost double the number intent on pursuing such grand plans compared with other countries surveyed.
According to 2001 New Zealand census figures, almost 31 per cent of European, 16 per cent of Maori, and 12.4 per cent of Pacific Island women own or partly own homes.
Andrew King of the Auckland Property Investors Association believes NZ women were still committed to using property investment as their primary driver for wealth creation. Forty-five per cent of members are female, a dramatic increase from 5 per cent a decade ago. "In the older age group, certainly, a lot seem to have been stay-at-home mothers and once the kids are out they view property as a great way to look after their retirement, and they have the time to work on it, too."
He said concern about the future of government-funded pensions had driven investing in general. However, he thought apathy and busy lifestyles could have contributed to the survey's results. "Though they know they should be investing in property, the majority of people still don't do it - possibly as it requires too much effort."
Nikki Connors, of Catalyst2, an Auckland-based consultancy firm which gives guidance on building and structuring property portfolios, said she expected to see more women using the service. Twenty-five per cent of the firm's client base is female - considered high for the industry.
Women on their own tended to be more cautious about making financial decisions, she said.
But by "demystifying" the process they gained more confidence.
Stina Richardt, 29, an Auckland personal trainer, took her first step on the property ladder last December, buying a new three-bedroom investment property in Rotorua.
"I had been thinking about [getting into] property for the last six to seven years," said Richardt, who rents in Grey Lynn. "I feel I need to have that security. I really don't want to struggle financially when I'm 40 and be stuck in a nine-to-five job."
She saved hard for a year to get her deposit. "I am very very tight with my money - I just don't spend," she says. "Every dollar I make goes into my savings.
"My goal is to develop a portfolio so that I have 10 houses, and then in 10 years' time I [will] sell the first one. With the profit I'll make from that one I'll pay off the next one and so forth. Eventually I'll have a couple of houses that are completely mortgage-free and just have the rental income."
Kiwi women's placing on property ladder
73 per cent of NZ women regarded property as their best investment. Australia followed at 71 per cent, the UK at 70 per cent and 44 per cent in Canada.
11 per cent of the New Zealand women wanted a portfolio of five or more properties - compared with 18 per cent of Australian women, 6 per cent in Britain and 3 per cent in Canada. Almost one in four Kiwi women would stick to one property - in Britain 40 per cent, 35 per cent in Canada and 14 per cent in Australia.
64 per cent of NZ women who lived with partners considered themselves to be the financial manager of the household, 10 per cent higher than in the UK. Three-quarters of NZ women bought their first property at age 18-29 years, and with their partner. 17 per cent bought on their own. 24 per cent of Australian women bought independently.
- Source: Wizard Home Loans
