According to a new study, increased gender diversity in the property industry could have significant impact on the economic performance of the industry.

Ernst & Young and the Property Council of Australia have conducted a report into the gender diversity of the industry and found that it is predominantly male dominated. Only a handful of women are in executive leadership positions within the industry.

The report has found that firms within the sector can foster a more dynamic and innovative culture and react faster to change if they employ a more gender diverse workplace.

The study suggests the sector employs a Smart Curve initiative which includes five steps in the diversity journey. These include:

1. Unaware – non-existent behavioural maturity and unsupported structured maturity
2. Emerging awareness – individual, independent and anecdotal
3. Aware – generic and ad hoc
4. Active Engagement – Specific and targeted
5. Leadership – Strategic and holistic. Supported behavioural maturity and integrated structured maturity

Those who accept and act on this will improve their financial performance and create a more flexible and innovative culture that younger generations can embrace.

The basis behind this study is that women are expected to control nearly 75 percent of discretionary spending by 2028, meaning they are far more influential and understanding of the marketplace.

Gender diversity is the next step of improvement for the property sector as they have already grown leaps and bounds in safety, technology and sustainability issues.