High Hopes for Australia's Economic Outlook and the Brunt of Australia's Real Estate

Economic Outlook

According to the Organisation for Economic Co-operation and Development, Australia's economic growth is predicted to grow quickly in the developed world this year despite the high Australian dollar threatening those who want to invest in real estate. The OECD Economic Outlook rated Australia near the top spot for growth in 2012, behind the likes of South Korea, Mexico and Chile.

Unlike the economic growth of the US around 2.4%, the UK at 0.5% and Italy and Greece sliding further into recession, Australia's growth is expected to rise by 3.1%.

Of course, while Australia's economic recovery is set to increase before the year is out there is some concern as to the high housing prices, which are still considerably higher, compared to rents and incomes. Compared to an average of 98% noted by OECD, the ratio of house prices to income in Australia is 121%.

Those affected by the high housing rates are young people and Australian women on low wages. Research from the National Centre for Social and Economic Modelling found that one in five Australians between 15 to 24 years of age put 30% of their income toward their rent and mortgages. This figure was comparable to one in ten for the population overall.


Taking it Seriously

Unfortunately, when it comes to purchasing real estate and looking into the prospect of buying, women may be turned off by the thought due to the often perceived domineering persona of male real estate agents. Another deterrent is the fact that many women don't think they are being taken seriously.

This is surprising considering that it should be noted that women play a huge role in deciding whether to purchase a home with 97% of the decision lying with them. In most cases, it is the women who research the market, visit the various properties on their list and who, in a matter of seconds, can determine if a house is right for them.


Lending Money

A major issue that women may experience when it comes to purchasing real estate is the fact that banks compared to non-banks may discriminate against them and be less likely to lend to them. This is due to the fact that banks think that women will give up work to have more children, which may increase their risk of paying the bank back.

Women may also find that the discussion of mortgage debt is brought up more with them when talking to financial planners compared to men even though purchasing a home is considered more of a woman's investment strategy.

In order to avoid feeling discriminated against when it comes to buying a property - whether by yourself or with a partner - thoroughly researching the market is the first step to undertake. By highlighting the type of property you want, the things you need and your budget, you can make a list of what is available for you.

Determine how much you can borrow and listen to any advice you receive, so that you know what you can afford. By knowing the ins and outs of the market beforehand will give you the confidence to know that you won't feel pressured into accepting something that you are not comfortable with.