Mortgage market is hot
National mortgage demand shows no signs of slackening, with the latest figures from Veda showing a 10.8 per cent increase in demand year-on-year – down from 14.8 per cent set in the last quarter of 2013.
New South Wales was the top performer for new mortgages in the March quarter with massive 19 per cent growth. Tasmania followed with 13.9 per cent, Queensland 10.5 per cent and Victoria 10.4 per cent. South Australia recorded a decline in mortgage applications of -0.1%.
“The Reserve Bank’s hold on interest rates has supported share market gains and higher housing prices, providing a boost to household wealth and freeing up disposable income,” said Veda’s Angus Luffman.
Source: Broker News