Where single women are buying property in Australia — and why their purchase power matters
Property buying patterns among single people are approaching gender parity, new data shows
Property buying patterns among single people are approaching gender parity, new data shows
More single Australian women are buying their own homes, with a report published by Ray White revealing 71,900 sales to this cohort in 2022, up from 64,680 sales in 2014. As a proportion of all single buyers, men have historically outnumbered women but the gap is closing with purchasing rates now closer to parity at about 12 percent of sales each.
Ray White chief economist Nerida Conisbee said rising home values meant the proportion of all single buyers was falling, from 26.2 percent of purchases in 2014 to 24.5 percent in 2022.
“An interesting dynamic, however, is also occurring by gender,” Ms Conisbee said. “A drop in single male purchasers is driving the decline whereas the number of single female buyers as a proportion of total buyers remains steady. By volume, the number of purchases by single women has risen by over 11 percent since 2014.”
Ms Conisbee said increased education about the importance of home ownership in building wealth and government schemes such as the First Home Guarantee and State Government stamp duty waivers and concessions have driven more women to buy. McGrath CEO John McGrath said the trend in career women buying property on their own began about two decades ago.
“When I started in real estate 40 years ago, it was very rare to conduct an auction and have a 28-year-old female on her own buy the property,” Mr McGrath said. “Nowadays when you put a well-located, beautifully designed apartment block on the market, the first 10 apartments will be sold to single career women.”
Ms Conisbee said most single women preferred to buy affordable apartments in central city locations.
“Overwhelmingly, the largest number of purchases are of units in areas where very large numbers of units are available. Topping the list nationally is Melbourne CBD where there has been 7,750 purchases of apartments by single females since 2014. The Gold Coast,however, has also made several appearances on the list with Surfers Paradise coming in second (3,386 purchases).”—
The data shows Victoria has the highest proportion of single female purchasers and NSW the lowest. Ms Conisbee said very high levels of development in Melbourne had given single women more opportunities to buy. Incidentally, greater supply in Melbourne is a key reason why median home values have not increased as much as other cities over the past year. CoreLogic data shows Melbourne home values have risen just 3.2 percent over the past 12 months compared to 9.6 percent in Sydney and 15.9 percent in Brisbane.
Single women seeking to buy a house also targeted more affordable city fringe and regional areas. The statistics was calculated using Valuer General data on more than five million sales from 2014 to 2022 and cross referencing first names using an artificial intelligence application called Genderize to deliver the largest research sample available documenting single female purchasing patterns.
BNW Developments has established a Sydney presence, joining Arada and Sobha Realty among the growing number of UAE developers pursuing Australian buyers and development opportunities.
Australian shares fell on Thursday as Wall Street weakness, rising oil and persistent rate concerns weighed on most of the market. The S&P/ASX 200 declined 0.72 per cent to 8,702. The All Ordinaries lost 0.66 per cent to finish at 8,897. Mining stocks were hit particularly hard, while real estate also dragged on the index. …
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OpenAI has shelved the planned launch of GPT-6.1 Astra after internal tests raised concerns about deception and agents acting beyond user authorization, according to The Wall Street Journal. The company says it will investigate the issues and strengthen safety measures before releasing future models.
OpenAI says it is scrapping the release of its next-generation AI model over safety concerns that researchers raised during internal testing, in one of the clearest signs so far that agent misbehavior could stymie the industry’s rapid progression.
The move follows a summer punctuated by reports of artificial-intelligence systems industrywide going rogue, and marks a rare case of a major AI developer ditching a new release because of safety concerns.
The company had planned to launch the model, known as GPT-6.1 Astra, in the coming days or weeks, aiming for an October debut. The model was more capable than the company’s previous models in completing challenging tasks from end-to-end without human assistance, as well as writing.
The company instead will focus on improving the safety of future models, which it expects to be even more capable.
Saachi Jain, OpenAI’s head of safety systems, said in an interview that GPT-6.1 Astra regressed in two areas. Compared with its predecessor, GPT-6 Astra, the model performed poorly on tests measuring alignment, or how well the model adheres to what humans would like it to do. Specifically, GPT-6.1 Astra showed higher levels of deception: It wasn’t always honest about telling users of the actions it did or didn’t take.
Another issue was what OpenAI calls “scope authorization,” meaning that GPT-6.1 Astra would push ahead on a task without asking the user for permission, and would at times reach for external tools and services even if it might be unsafe.
“For anything regarding safety and alignment, there’s a trade off,” Jain said. “You really do need to find what’s the right line between staying within scope, but also avoiding laziness in terms of how the model actually pursues tasks even when it hits friction.”
While GPT-6.1 Astra improved in areas such as “model laziness,” Jain said it didn’t quite meet OpenAI’s bar for safety and alignment, so the company decided not to launch the model publicly.
The announcement comes one day ahead of OpenAI’s annual developer conference in San Francisco. In the past, OpenAI has used the conference as an opportunity to launch new models and services that reduce costs for software developers—a segment the ChatGPT-maker competes with rival AI company Anthropic to win over.
In recent weeks, OpenAI and Anthropic have called on industry partners to slow down the development of cutting-edge AI models and invest in safety standards, noting they will temper the pace of their own internal AI progress.
OpenAI says it is working to investigate a range of agent security incidents that it has discovered in recent months, and address the safety issues underneath them. As part of the work, the company has implemented a new monitoring system to catch AI-agent misbehavior more quickly, and started requiring engineers to use stronger security guardrails for testing its AI systems.
Earlier this summer hundreds of OpenAI’s internal agents, which were tasked with completing a cybersecurity test, ended up hacking into the AI company Hugging Face. Since then, high-profile organizations such as the Australian government and United Nations discovered that OpenAI’s agents used similar, but less extensive, techniques to gain access to their websites.
Many of the publicly known agent-security incidents involved OpenAI’s internal AI models that were never slated for public release.
Last week, OpenAI said it paused training on its most capable AI models after an AI agent slipped through a gap in the company’s internet restrictions to query a public chatbot. The company said its new monitoring systems flagged the incident within 15 minutes, and training on these models remains paused.
GPT-6.1 Astra isn’t one of those models, but a different case, the company said.
“We want to make sure our model development is safe no matter whether that’s in the company, or when we ship it to users,” Jain said. “But when we ship it to users, we have an extremely high bar in terms of safety and alignment.”
While the company decided not to ship GPT-6.1 Astra, it hopes to use the same base model to do additional reinforcement learning runs, and create future generations of its GPT-6 models.
OpenAI plans to conduct several deep dives to identify the root cause of the problems identified in GPT-6.1 Astra, Jain said. The work includes ensuring that OpenAI’s reinforcement learning environments are rewarding the right type of behavior, Jain added, though she noted the company would investigate all stages of model development.
AI companies have begun to draw scrutiny from policymakers and public officials, who are paying attention to the rapid development of the technology. Later this week, a Senate subcommittee is holding a hearing with third party AI researchers titled, “Rogue AI: Securing the Homeland Against AI Agent Attacks.”
Florida Attorney General James Uthmeier, a Republican, sued OpenAI in June, claiming that the company and Chief Executive Sam Altman knowingly released an unsafe product and ignored warnings that it could harm users.
In a motion for temporary injunction filed Monday, Uthmeier sought to prevent OpenAI from developing new AI models without third-party approved safeguards, stop ChatGPT from soliciting user engagement and limit the company’s ability to advertise ChatGPT as safe.
Tech companies claim they “cannot stop barreling forward with their potentially civilization-ending endeavors unless they are forced to do so by the government,” Uthmeier said in the filing. “The Florida Attorney General is answering your cry for help.”
An OpenAI spokeswoman said that people want to know AI is being developed safely, “and that starts with what companies like ours do ourselves.”
“Governments have an important role to play in setting robust safety standards for AI, and we’re committed to working with Florida and other states on advancing pragmatic AI policies that apply to the entire AI industry—not just one company,” she said.
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