Unmatched building success: Coffs Harbour leading nation in business lending boom driven by property

New data shows the bustling regional hotspot of Coffs Harbour is leaving metro and regional rivals in the dust as they set the pace for a business lending boom. See how other regions compare.

The regional hub of Coffs Harbour is leading the nation in business lending growth according to new data from Westpac. Photo: Trevor Veale / The Coffs Coast Advocate.

New data shows the regional township of Coffs Harbour is setting the pace for business lends leaving metro and regional rivals around the nation in the dust.

Westpac has revealed data from the past two years revealing the regional town is surging past the competition with an unmatched 67.5 per cent business lending growth.

While metropolitan areas struggle to hit 60 per cent – and other regional hubs peaking at 56.2 per cent – Coffs Harbour is cementing itself as Australia’s hottest location for business lends.

Westpac general manager of commercial banking Shane Howell explained the impressive result.

Shane Howell, Westpac General Manager of Commercial Banking

“The key drivers of Westpac business lending growth in Coffs Harbour have been property development and construction as well as property services.”

Other regional areas where Westpac is seeing the highest growth for business lending are Launceston in Tasmania, Tweed Heads on the New South Wales North Coast, Bendigo in Victoria and Queensland’s Mackay followed by the Gold Coast.

The Tweed Coast is the third highest regional growth area for Westpac business lends across Australia between Nov 22 and Oct 24. Supplied.

“In Tweed Heads Westpac business lending growth is diversified across a wide range of industries, particularly education, property, transport and services,” Mr Howell said.

“These are localities where it is often cheaper to do business than in capital cities, so businesses can minimise risk, and they’re thriving regional hubs where young families are increasingly relocating, giving businesses access to talent in a tight labour market.

“Some of the key industries experiencing growth include services like healthcare and education, as well as manufacturing, industrial logistics, property and agriculture,” Mr Howell said.

“While this data shows only Westpac business lending growth, in most regions it’s representative of economic activity overall,” he said.

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Originally published as Unmatched building success: Coffs Harbour leading nation in business lending boom driven by property