Consider New South Wales for your second property
Population growth in New South Wales is 31.2 per cent higher than the decade average, according to a CommBank report released this month.
Such a figure may spell good news for existing homeowners who are looking to buy a second property and want to obtain a favourable resale figure on their existing home, given that demand remains strong in the state.
Sydney in particular has been an attractive option for many individuals, families and couples looking to make the most of the city's vibrancy, business opportunities, schooling options and strong transport links.
The New South Wales treasurer has highlighted the positive results from the report, too.
Buying property in Sydney
If you're an existing Sydney resident, you may have built up sufficient capital in your current home to obtain finance for a new property.
With today's affordable home loan interest rates, obtaining the right mortgage for your needs may be more realistic than you realise.
Alongside the existing equity in your home, as a current homeowner, you're in a great position to demonstrate your ability to make regular loan repayments, showing your suitability for a new home mortgage.
It's clear that many Australians based in this eastern state are keen on home ownership, with housing finance higher than the decade average by 5.6 per cent.
With regards to this particular indicator of broader economic performance, NSW has come in at third place.
The state is the "strongest in the nation" when it comes to new housing construction, according to the report. New dwelling starts are at levels 39 per cent higher than decade averages. While the conditions are certainly ripe for Sydney sellers, conditions may become more favourable for buyers in future years if construction rates are able to keep up with population growth and requisite housing demand.
"NSW is leading the nation on new housing construction with 34,697 new homes approved in Sydney last year," noted Treasurer Andrew Constance in an April 28 statement.