Throughout Australia mortgage demand showed no signs of slackening, with the latest figures showing a 10.8% increase in demand year-on-year – although down from the 14.8% set in the last quarter of 2013, according to Data Analysis company VEDA in their Veda Quarterly Consumer Credit Demand Index.
NSW was the top performer for new mortgages in the March quarter with massive 19% growth year-on-year. Tasmania followed (with 13.9%), while Queensland (10.5%) and Victoria (10.4%) were not far behind.
“The growth in mortgage demand, exhibited since late 2012, is now playing out as growth in the RBA aggregates, both in the stock of housing credit and new housing finance commitments,” Angus Luffman, Veda’s General Manager of Consumer Risk said.
What Does This Mean for Macarthur Region Property?
Population projections released in 2013 by the Department of Planning and Infrastructure claim the population of Macarthur — comprising Campbelltown, Camden and Wollondilly — will increase by almost 200,000 by 2031. Developments in Glenfield, Ingleburn, Leppington, Menangle Park and at the University of Western Sydney will account for half the growth while medium-density housing and high-rise development would cater for the rest of the residents.
These two factors – mortgage demand growth and population growth – indicate that the Macarthur region is set to be a great area to invest in real estate in coming years. Prices should continue to rise to meet increased demand.
So whether you’re looking to purchase your first home, upgrade to another home, or build your investment portfolio, Macarthur could be a great choice.
As the leading Macarthur Region mortgage brokers, we have viewed many properties in the area with our clients and helped them to secure home loans.
Give Our Mortgage Options a call if you’d like to find out more about the great opportunities in this area and how we might be able to help you secure your piece of the action.