Mortgage business grows led by NAB and ANZ
National Australia Bank and ANZ are leading the growth in the mortgage business, according to new figures. The Australian Prudential Regulatory Authority’s data shows that the home loan market is now worth $1.32 trillion with October adding $10.4 billion in new loans. Investors continue to be the largest sector of growth. Among the lenders, separate figures from Macquarie reveal annualised growth of 9.6 per cent for NAB and 8.8 per cent for ANZ. While some analysts have been calling for ‘macroprudential’ measures to limit credit lending by banks, the APRA said on Friday that it was more likely to impose changes in capital rules rather than restrictions in lending to consumers.
Residential land demand will last for years
The residential land requirements in Sydney are set to remain strong for some time according to data from BIS Shrapnel. The firm’s residential outlook also predicts growth in demand for land in Brisbane, the Gold Coast and the Sunshine Coast but a decline in Melbourne and Adelaide. The rise in interest is attributed to the years of lower demand as prices peaked; this has not been such an issue for Melbourne and Adelaide.
Christmas approaches but auctions are still hot
As the countdown to Christmas begins to heat up, there is little evidence that the property auctions are entering the festive slowdown. This weekend there have again been large numbers of listings and while the clearance rate is not universally high there is still a higher-than-normal level of properties being sold for this time of year. Most major markets have seen increased listings for the weekend, although the numbers were down slightly in Canberra.
With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now