In 1986, a married woman in the ACT was granted the same legal rights as her husband regarding property. One of these fundamental rights now embedded into the Married Persons Property Act, was the right for a woman to own a property, with it no longer being automatically transferred to her husband.

Since this historic moment, women have been chasing to catch up with the level of men in the property market, but have they reached them or are they still nipping at their heels?

CoreLogic released their annual Women and Property Report on International Women’s Day (8 March), which revealed Australian women continue to be underrepresented in ownership of houses and investment properties.

As of January 2022, 26.6 per cent of residential property was owned by women, and 29.9 per cent was owned by men.

Men were also more likely to own a house, sitting at 28.5 per cent compared to 24 per cent, while women were more likely to own a unit, sitting at 35.2 per cent compared to 34.7 per cent.

Report author and CoreLogic Australia’s Head of Research, Eliza Owens, commented on the greater implications these findings highlight within the gender wealth gap.

“Detached houses generally accumulate more value over time than units, with CoreLogic’s Hedonic Home Value Index as of January 2022 showing 10-year annualised growth rates in Australian house values was 6.2 per cent per annum, compared with 4.1 per annum for units,” Ms Owen said.

“What this means is homeowners accrue a lot more value over time compared to unit owners. The nominal gains in the median Australian house value over the past decade totalled around $340,000, compared with $197,000 for the median unit gain.”

This underrepresentation doesn’t end with homeownership, as the Property Council of Australia (PCA) embarked on a coalition to champion gender equality across the property sector.

On Wednesday 30 March, the PCA joined the industry’s most powerful executives to announce their ‘Pitch Pledge’ initative, designed to magnify women’s role in major leasing and capital transaction assignments.

Aiming at building female talent and greater gender inclusion across agency and institutional operators, Chair of Property Champions of Change, Bob Johnston, commented on tackling gender equity in the two toughest spots in the industry.

He said it’s a “significant” move which will send a clear and “very strong” message to the sector.

Head of Real Estate at AMP Capital, Kylie O’Connor, said, “So often at the moment, the major deals in property take place without any women on either side of the table, and if we are to change that, we must collectively act.”

Office CEO at Charter Hall, Carmel Hourigan, explained the pledge is about accelerating change for women.

“We understand that given the current low representation of women in some exciting capital transaction and leasing teams, there won’t always be a woman in the room right now. But this new pledge aims to change that picture over time in a collaborate way,” Ms Hourigan said.

“If that situation emerges, it is up to the participants to ask the tough questions about why, and what steps we are taking to ensure women are part of the business to come.”

In the Canberra real estate field, women make up the vast majority of agents, and are also the lion’s share of property managers.

REIACT CEO, Michelle Tynan, said out of around 1,361 registered real estate agents in Canberra, 70 per cent were women.

Out of that 70 per cent, 80-85 per cent of ACT female real estate agents are in property management roles, said Ms Tynan.

“We do have some amazing sales agents in Canberra as well,” she said.

“But property management is an integral part in real estate, and it’s a specific genre with flexibility for those working women with families, which is a benefit.”

Ms Tynan said that a unique skill set is required to be a rental provider and it is a high-stress job.

“The property management competition is driven by women, and gender isn’t a barrier to earning equivalent incomes,” she said.

“Females can earn just as much as a male – there’s no ceiling. It comes down to their work ethic and success. Real estate is one of the few professions with an equal pay in sales.”

The latest Workplace Gender Equality Agency Report Card (WGEA) for 2020-2021 showed in the Rental, Hiring, and Real Estate Services industry, 38 per cent of the sector were women, and the proportion of women in management sat at 34 per cent.

The Report Card placed a woman’s average wage at just over $100,000, while men averaged around $130,000 – a 21.7 per cent difference.

So, although there may be more women in real estate in the ACT, they continue to sit at the lower end of the pay scale on average.

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