People who are looking for home loans in the Rockingham area may be pleased to hear these statistics. Construction approvals have increased locally and nationally. We don’t have the local numbers yet but 117,000 new units and 115,000 new houses were approved for construction in 2015. This could indicate that a busy year is on the horizon.
Why Housing Construction Approvals Matter
According to our parent company, Smartline, property is the largest industry in Australia. It contributes more money to the GDP than any other industry and creates more than 1.1 million jobs. When construction is strong, there are more jobs, helping the overall economy. Even in a flattening market, home loans increased 1.3% in Australia from August to September of last year.
While the employment helps the economy, the increased inventory could cause prices to drop a bit in the first six months of this year. While economists do see housing prices rallying to rise by a total of 2% by the end of 2016, the increased amount of new properties may be a boon for investors and for first home buyers, many of whom are working very hard to find the resources that will allow them to enter the housing market.
How the Mortgage Brokers at Smartline Rockingham can Help You Now
If you are an investor, a first home buyer or someone looking to move, call us today for pre-approval. We have access to 28 different lenders and can help you find the terms and rates that are perfect for your individual situation.
Since recent Australian Prudential Regulation Authority (APRA) guidelines have forced lenders to tighten up their standards for investment property loans, it is more important than ever for property investors to have mortgage brokers who know which lenders are near their “cap” and which ones are looking for business.
It is also important for owner-occupiers to select a mortgage broker who can find the friendliest terms and rates for their individual situations.
To learn more, call Smartline Rockingham today: (08) 9527 1800.