Australia’s three key mining States: WA, Qld and NT have all experienced positive changes in mortgage demand according to Veda’s Consumer Credit Demand Index: Apr-Jun 2012.
Angus Luffman, head of consumer risk at Veda, said the results pointed to an overall stabilisation of the mortgage market, with an expected spike in mining regions. Whilst mortgage enquires are still at historically low levels, the last two quarters results confirm that mortgage enquiries are stabilising.
“Mortgage enquiries are a good lead indicator of housing demand. This stabilisation in mortgage enquiries suggests housing turnover is also stabilising. Lower interest rates and an improving housing affordability index align with the observed stabilisation in enquiries, after many quarters decline.” added Luffman.
Indeed the data shows mortgage enquiries continued positive growth for the quarter in WA (+5.6%), QLD (+3.5%) and the NT (+3.6%). This is good news for Agents and Brokers located in the key mining States as well as those located in key Fly In Fly Out hubs such as Brisbane, Sydney, Melbourne, Newcastle, the Gold Coast and Perth.
With early signs of improvement now might be a good time to log on the RP Data and cross reference this information with your local sales data to see if there are any trends that you might be able to capitalise on.