Despite a slowing market, one brokerage has bucked the trend, achieving a record number of home loan approvals and settlements.
Loan Market Group achieved the record result in Victoria thanks, in large part, to the continuing strong demand for units and houses in Melbourne’s inner suburbs.
The brokerage’s Victorian state manager Mark De Martino said approvals were up 37 per cent and settlements were up 52 per cent in comparison to June 2009.
“We have had our all-time best monthly results in Victoria with approvals and settlements totalling more than $400 million,” Mr De Martino said.
“Many of our brokers had outstanding results and it is a credit to the whole team who have responded to the heightened activity in Victoria, particularly over the last 12 months.”
Mr De Martino said suburbs within 10km of the Melbourne CBD were the focus of the increased activity for the property and home finance market.
He said research commissioned for Loan Market by Price Finder found that Armadale, Elwood and Glen Iris were the hottest spots for units in Melbourne while the top three housing hot spots were Yarraville, Maidstone and North Melbourne.
“All of these suburbs are seeing property sell on average within two months,” he said.
According to the Group’s research, Maidstone, Footscray and Brunswick were the top three most affordable areas for houses with opportunities to purchase homes in these suburbs for under $500,000.