Australian Property News

Western Australia sees loan increase

Posted on Tuesday, September 14 2010 at 9:39 AM

Borrowers seem to be fairly active in Western Australia at the moment, according to data from Mortgage Choice.

Loan approval data for August shows that the state experienced the biggest growth in the number of housing loan approvals over the month, with an increase of 21 per cent.

Every other state experienced a drop from the previous month, which Mortgage Choice spokesperson Kristy Sheppard says was probably due to the uncertainty caused by the election.

“We always notice a drop in enquiries and loan applications during an election period,” she says. “September should see a healthy increase in the number of loans coming through as the warmer weather and greater certainty puts a spring in potential buyers’ steps.”

Of Mortgage Choice’s top 10 marketing areas for loan growth, four were in WA, three were in New South Wales, two were in Victoria and one was in Queensland.

Hume in Victoria was the top growing suburb for loan approvals, with the number of loan approvals increasing by 129 per cent from July to August.

The area that recorded the highest growth for loan amounts was the north Sunshine Coast in Queensland with loans growing by 200 per cent.