{"id":25355,"date":"2017-09-18T01:00:35","date_gmt":"2017-09-17T15:00:35","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=13975"},"modified":"2017-09-18T01:00:35","modified_gmt":"2017-09-17T15:00:35","slug":"why-a-man-is-not-a-plan-ken-morrison-2","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/why-a-man-is-not-a-plan-ken-morrison-2\/","title":{"rendered":"Why a ‘man is not a plan’ – Ken Morrison"},"content":{"rendered":"

Now more than ever women are finding a love of investing in property to secure their independence and financial future.\u00a0 Ken Morrison<\/strong> from the Property Council of Australia tells us about this groundswell of women proving that a \u2018man is not a plan\u2019.<\/p>\n

Transcript :<\/strong><\/p>\n

Kevin:<\/strong>\u00a0 Interesting to note in a blog article that I read on Your Investment Property\u2019s<\/em> website, an increasing number of women making up for what they lack in superannuation by investing in properties. This is according to analysis of data from the Australian Taxation Office by the Property Council of Australia.<\/p>\n

Ken Morrison, who is my next guest, is quoted in that article inside Your Investment Property<\/em> magazine, and Ken joins me to talk about that.<\/p>\n

Ken, thank you for your time. Welcome to the show.<\/p>\n

Ken:<\/strong>\u00a0 My pleasure, Ken.<\/p>\n

Kevin:<\/strong>\u00a0 Interesting to note these figures. Let\u2019s walk through a few of these. Nearly half \u2013 47% \u2013 of Australians who own investment property are women. Did that surprise you, Ken?<\/p>\n

Ken:<\/strong>\u00a0 Yes, it is surprising because as we all know, on average, women earn less than men, so you would have thought their ability to invest in property might be lower. But in fact, we\u2019re not seeing that. We\u2019re seeing women taking a conscious decision to invest in property despite that wage disparity.<\/p>\n

We think they\u2019re doing that because they\u2019re looking to the end of their working life and realizing that they\u2019re not going to end up with the same superannuation nest eggs as their male counterparts, so they need to actively build wealth for the future, and they\u2019re using property to begin doing that.<\/p>\n

Kevin:<\/strong>\u00a0 We\u2019re seeing a lot of young women, too, before they even consider getting married, looking at investing in property. Would it be fair to say, Ken, that because of some of the constraints you just talked about and a few others will talk about, they could actually be starting behind the eight ball a little bit?<\/p>\n

Ken:<\/strong>\u00a0 No doubt that\u2019s the case. If you\u2019re on average earning less than someone\u2026 And we know that women do that. There\u2019s a pay inequity issue that seems to be hardwired into workplaces, which is tough to do something about and is, unfortunately, still persisting. So, you have that issue.<\/p>\n

You also have women far more likely than men to take time out of their work lives to look after families, and women are more likely than men to be working part time rather than full time. You put all of that together and over a working life, they\u2019re going to be earning considerably less.<\/p>\n

But here we see women, despite that, making an active decision to invest in property, and that can only be because they\u2019re looking to the future and they\u2019re saying \u201cA man is not a plan. I need to have my own financial plan and to be building wealth and using property as part of that.\u201d<\/p>\n

Kevin:<\/strong>\u00a0 I read a quote somewhere \u2013 it was only fairly recently \u2013 that men outnumbered women almost two-thirds in terms of investors, but that certainly seems to be changing.<\/p>\n

It raises another question, too. If it\u2019s difficult for women because of the pay structure, I wonder how difficult it is for them when it comes to borrowing, going to the bank. How do the banks look at them, Ken?<\/p>\n

Ken:<\/strong>\u00a0 Again, you can see that will depend on their circumstance. But if you have an individual, a woman, who is earning less than their male counterpart, then they\u2019re going to be able to borrow less than their male counterpart would be. That might also impact their decisions.<\/p>\n

What we\u2019re seeing in society is because particularly in Sydney and Melbourne, where house prices have really gone through the roof, more people are choosing to invest as their first step on the property ladder rather than going straight into an owner-occupied property.<\/p>\n

That might allow them to purchase a place where they don\u2019t have to work. They don\u2019t have to be proximate to their location. It might be a different city where prices are cheaper and what they\u2019re intending to do is to trade that investment property into an owner-occupied property, perhaps when they\u2019re forming a family.<\/p>\n

We\u2019re seeing that with males and females, but if your ability to access a mortgage off the base of a lower income means that you\u2019ll also be facing some of these limitations when it comes to the property market as well.<\/p>\n

Kevin:<\/strong>\u00a0 Ken, do you have a feel for how many women are actually negatively geared compared to men?<\/p>\n

Ken:<\/strong>\u00a0 Yes. It\u2019s pretty similar to investment properties, so it\u2019s 55% of negative gearers are male. It\u2019s around 45% who are females, so just under half, as you said. Interestingly, when you look at those with salaries below $80,000, 55% of negative gearers below $80,000 are women and 45% are men, so it reverses.<\/p>\n

It bears out what I\u2019m saying. You would expect if you\u2019re earning less that you would have less capacity to actually be investing in a residential property. In fact, what we\u2019re seeing is women who are more likely to be earning less than men are actually taking an active decision to get out there and try to build their financial security through property.<\/p>\n

It\u2019s quite dramatic when you have 55% of those people who are negative gearing who are male, but when you look at below $80,000, that\u2019s reversed, so it\u2019s only 45%. There is definitely something going on for women who are really charting a course, who are deciding that they really have to build their own financial security, feel limited in the way they\u2019re able to do that, and do see property investment as an avenue for that security.<\/p>\n

Kevin:<\/strong>\u00a0 Very interesting. Ken, I appreciate you spending some time with us to bring us up to date on this as well. Ken Morrison is the Chief Executive of the Property Council of Australia.<\/p>\n

Ken, thanks so much for your time.<\/p>\n

Ken:<\/strong>\u00a0 My pleasure, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"

Now more than ever women are finding a love of investing in property to secure their independence and financial future.\u00a0 Ken Morrison from the Property Council of Australia tells us about this groundswell of women proving that a \u2018man is not a plan\u2019. 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