In places like Rockingham, Kwinana, Baldivis, and almost all areas across Australia, the number of mortgage loans issued has increased significantly, showing that there is confidence amongst banks and other lenders as well as customers, that now is a good time to consider taking on a new home loan or renegotiate a deal with your current lender.
New Home Loans in Numbers
In February, 46,225 new home loans were completed. In March, this figure has risen to 48,071 which is an increase of 5.2% over the previous month; whereas analysts and experts had suggested that the increase would be around 4%.
Your mortgage brokers in Rockingham will be able to show you which deals are available so that if you want to purchase a new property or exchange your current deal to a new lender to make the most of recent mortgage reductions, now is certainly a good time.
Mortgages in Western Australia were up by 4%, month on month which equates to $280 million. New South Wales saw increases of 8%, while South Australia at 5.3%, in Victoria at 5.2% were above the average. In Tasmania mortgage numbers were up 4.2%, while the Australian Capital Territory showed an increase of just 3.5%. The only area to show a fall was in the Northern Territory which was down by $6 million, which equates to 1.6%.
To show that house prices are perhaps moving slightly upwards again, in dollar terms, the new home loans in March were 5.8% higher than the previous month which resulted in $14.9 billion worth of mortgages being issued.
Which Types of Property are Moving?
There is a fair spread of different types of properties that are being purchased in current times. 1.1% more people bought current homes from other people, with new build properties being up 1.8%. For people who have purchased land and houses are being built on it, their numbers are up 1.1%.
The total value of properties increased by 1.2% in March compared to the previous month and if you compare the year to year changes, property values increased by 4.5% over 12 months.
Where people are purchasing properties to rent out which is still popular for people that are unable to get mortgages or don’t wish to, the value of those properties increased by 2.1% in March, compared to the previous month.
To find out where people are going to be committing themselves in the near future, a meeting with your local mortgage broker who can show you that an increase of 1.4% of individuals were either expecting to purchase, to rent or sell, or for people wishing to construct a property to sell or rent, numbers are up by 1.3%. If you need a home loan, Kwinana, Baldivis, and Rockingham mortgage specialists at our Mortgage Gallery Rockingham office can help.