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The strong Australian housing market is set to continue for the remainder of this year as rates stay on hold and undersupply heats the market, according to Mortgage Choice chief executive Michael Russell.
Speaking at a press conference yesterday to deliver the group’s half-yearly profit result, Mr Russell said the company’s financial performance was buoyed by a resurgent housing market that is set to continue.
“This is our strongest interim profit result on record and is an exciting achievement for all our stakeholders,” he said.
Mortgage Choice’s group net profit after tax (NPAT) was $9.7 million in the six months to 31 December, up 28.5 per cent.
“On top of that, to see almost 19 per cent growth in our settlement numbers is equally rewarding,” Mr Russell said.
“Moving forward, with interest rates sitting at historical lows and lenders competing hard for new mortgage customers, I am confident that we can improve on these results,” he said.
Mr Russell does not expect interest rates to move in the next four months.
“With housing undersupply keeping heat in the property market, we expect our brokers to become even busier in the months ahead,” he said.
Mortgage Choice brokers wrote $6.2 billion worth of housing loan approvals last year, up from $5.1 billion in the first half of 2013.
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