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Western Australia is leading the nation’s increase in housing loan activity, with an increase of 26.5 per cent over the past year.
The Australian Bureau of Statistics (ABS) reported that nationally, the number of housing loans approved has increased by 10.5 per cent. However, investor activity as a proportion of total home loans has fallen in both Victoria and Western Australia.
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According to Australian Residential Property Planners, this statistic is an indicator that the underlying strength in these markets lies in owner-occupier activity, which has risen by 9.4 per cent in Victoria and by 29.1 per cent in Western Australia over the past year.
Meanwhile, ABS figures from late last year show WA’s population growth far exceeds that of other states, at 3.4 per cent. Queensland and the ACT follow at two per cent each, with the Northern Territory and Victoria seeing 1.8 and 1.7 per cent growth respectively.
Further ABS data shows that almost half a million Western Australians are planning to move in the next three years, with 73 per cent of those planning to move showing a preference for detached houses over units, townhouses or apartments.
Eighty-four per cent of people planning to move said they would stay in Western Australia, with only nine per cent intending to move interstate or overseas.
