The rise of the savvy female investor

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The rise of the savvy female investor
Michelle GabrielPost-doctoral Research
FellowSchool of Sociology and Social
WorkUniversity of Tasmania
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Overview

• Feminism and the housing question
• Propertied women and domestic life
• New ideal Aspirational woman!
• Young, female housing investors

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Feminism and the housing question
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Feminism and the housing question

• Women actively produce the forms of femininity
  through which they are also controlled.
• Concrete instances of gender domination and how
  these particular situations have become
  normalized.
• Continual negotiation and restructuring of gender
  relations.

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Propertied women

• Land grants for women
• Inter-war flat purchases
• Democratisation of home ownership
• Rise of housing investment

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Australian domestic life
Domestic service or hard labour Austerity and
rise of housing economics Open plan, white
goods, housewife Work/life balance
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Life-course and housing career

• Delay in leaving home
• Decline in marriage
• Increase in group hhld
• Deferral of first birth
• Delay in home ownership

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Media Analysis

• Aim To document new discourses centred on women
  and housing.
• Data collection
• Australian Property Investor (1998-2001).
• Womens Magazines - Vogue, Marie Claire.
• Websites - Wizard Women and Girls Guide to Real
  Estate
• Newspapers The Age, SMH.

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New ideal Aspirational woman!

• For our chicks in bricks, property investment has
  little to do with the boom. Its simply about
  taking care of yourself Australian Property
  Investor, July 2004.
• You need a cool head, patience, a fist full of
  dollars and sound advice Smart girls can and do
  get into the market Vogue, April 2003.
• Men may come and men may go but I will look after
  
  myself Demographer, Bernard Salt.

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Investment advice

• You can achieve financial security and still be
  every bit a woman.
• Always have a proper legal partnership agreement
  before investing with anyone, even a lover.
• Never go out looking when you are stoned, drunk,
  ill, suffering from PMT or with a hangover.
• http//www.girlsguide.biz/realestate/tips.htm

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Investment culture

• Understanding how important a bit of guidance can
  be, Monika has begun to train her younger sister
  in the world of property investment. Shes only
  six years old. She already knows all about
  negative gearing and capital gains. Its so
  cute.
• 19 years, Monika Mankowska, February 2005.
• Property investment is not only a financial tool
  for Sally, it is also a passion that she shares
  with her close colleagues and friends. A few of
  my friends have now formed an unofficial property
  club and we get together for coffee to discuss
  our latest finds for us, its an enjoyable
  pastime.
• 42 years, Sally Doyle, Wizard women website.

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In-depth interviews

• Age 26-36 years
• Single, de facto
• Educated
• Middle income
• Mixed socio-economic background
• 8 owner-occupiers, 2 investors
• Inner city apartments, houses

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Mothers and Daughters

• Housing pathway
• Marriage, family.
• Career, travel and lifestyle.
• Home
• Self, locus of activity.
• Interchangeable, financial security, step
  towards a family (?) home.

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Mothers and Daughters

• Oh I dont have kids for starters and Im not
  looking after a husband. Im independent. I do
  what I want when I want. She certainly didnt.
• In some ways maybe not so different. You know
  shes a big cook, Im a big cook but I guess home
  for her was more of a place of caring and caring
  for others and caring for dad.
• ..And she was more kind of inwardly focused in
  the house. She did the cooking, she sewed, she
  cleaned, whereas I suppose for me Ive always had
  big gardens and Ive always put my energies into
  the garden as opposed to inside the house.
• Yeah I suppose I see this place more as a
  sanctuary then she might have seen our house.
• I dont know.
• (36 years, 1bdrm unit, Northcote).

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Accessing housing finance

• Positive experiences with finance. Few barriers.
  Surprised by borrowing capacity.
• Positive feedback from friends and family.
  Invest as soon as possible.
• Centrality of family in process for single women.
  Key support, often guarantor.

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Accessing housing finance
Very easy. No there werent any barriers or
anything. It was pretty much one day just going
in there and seeing him and then I had it. (34
years, 3 bdrm house, Wheelers Hill). Yeah far too
easy. The process was far too easy. (30
years, attached terrace, group purchase,
Fitzroy). I rang her (mortgage broker). She came
over with her laptop and did the comparisons.
She did all that stuff. She organised the
finance. I didnt do anything. (36 years,
1bdrm unit, Northcote).
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Security, security, security

• Short-term financial security - high repayments,
  family support, insurance.
• Long-term financial security - retirement.
• Financial security independent of relationships.
• Security of tenure.
• Gift/ security for children.
• Secure property, secure neighbourhood.
• Secure investment/ long-term growth.

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Security, security, security

• I guess like most people I have issues of
  security. I want to have future security. Its
  kind of perfect for that because I think surely I
  can pay it off by the time Im 90, by the time
  Im retired.
• If I dont ever have a relationship or for some
  reason that relationship falls out, if I have
  this as my security then its like when Im an
  old little 80 year old biddy walking around then
  Ive got somewhere thats mine, that no-ones
  going to kick me out of.
• (27 years old, 2 bdrm flat, Brunswick).

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Joys of owning

• Housing and upward mobility. Transition between
  generations.
• Pleasures of ownership, control of space,
  security and financial management.
• Gained financial literacy through the process of
  buying.

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Ethical female investors?