Mark Stevenson
Mark is the Managing Director of Evolve Lending & Finance. Mark held senior roles in asset finance, consumer credit risk analysis, finance advisory and mortgage broking.
Property market set for strong 2021
Property Market Set for Strong 2021
Mark Stevenson, Managing Director at Bell Partners Finance (now Evolve Lending & Finance) wrote for The Western Weekender at the start of 2021, sharing an encouraging outlook for the Australian property market despite the ongoing economic disruption caused by the pandemic.
Australian housing had proven more resilient than many expected through 2020. While unemployment had risen sharply, consumer confidence was recovering, auction clearance rates were climbing and the number of loan deferrals was falling. Lenders remained eager to write new business against a backdrop of record low interest rates, and some economists were forecasting national house price growth of up to 10 per cent through the year, a figure that had regulators and government watching closely.
For the Penrith region specifically, the outlook was positive. Median prices ranged from around $660,500 for houses to $446,250 for units over the prior year, with five-year compound growth rates of 1.2 per cent for houses and 0.3 per cent for units. Mark highlighted the region’s genuine liveability, citing affordable housing, strong education and sporting facilities, access to shopping and the Blue Mountains, and proximity to a national park as factors that made the area attractive across buyer groups.
Mark was candid about not being in the habit of making property market predictions, but noted the consensus across industry commentary was pointing in a constructive direction. He expected first home buyers and those who had not been severely impacted economically by COVID to be active in the market through the year, with a range of government incentives still available to first-time buyers.
The piece reflected the kind of grounded, locally-informed perspective on the market that has always set Evolve Lending & Finance apart from broader national commentary.
Ready to take advantage of the market conditions? Contact Evolve Lending & Finance for advice tailored to the Penrith region and beyond.
