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Booming Victorian cities are set to generate even more business for some lucky brokers, according to state population forecasts.
Regional Victoria is forecast to increase its population from 1.4 million to 2.2 million by 2051, with Geelong, Ballarat and Bendigo expected to experience the greatest growth.
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Cosimfree Homeloans managing director Warren Freeman said the Geelong market was already performing so strongly that it had helped establish him as one of PLAN’s Top 10 loan writers.
“There’s an incredible amount of building. There’s just a lot of activity. It’s a good lifestyle area with affordable housing,” he told The Adviser.
He said the forecast of futher population growth in the city was good news for Cosimfree.
“There has been a lot of building, a lot of land development, but there is still so much land available in the area. With growth in population, the demand for borrowing is definitely going to grow.”
Meanwhile, Ballarat Lending Centre principal Ray Watson said his local market was buoyant even before the projected growth.
Government support was boosting the economy, while new residents were being attracted by affordable housing, good services and an excellent lifestyle, he said.
“We’re finding demand pretty strong. You always have peaks and troughs, but the demand is good and we’re seeing a good mix of first home buyers and investors and people refinancing,” he said.
Loan Market Bendigo co-owner Matthew Roulston said the government had shown its belief in Bendigo's future by starting work on a new hospital and rail link.
“It means a lot for our business because there’s a lot of construction going on,” he told The Adviser.
Mr Roulston said the population was forecast to increase from 100,000 to 140,000 within two decades – and that there was plenty of room to accommodate new properties.
“There are a lot of first home buyers and second home buyers that are building homes, and a lot is being opened up. It’s a good place to have a business over the next 20 years,” he said.
