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Investors and home buyers have made it clear they will take a “wait and see approach” to buying property, with new data showing mortgage demand slumped 17 per cent in the last 12 months.
According to Veda’s quarterly Consumer Credit Demand Index (CDI), released today, mortgage enquiries declined 17.2 per cent over the period of July 2010 through June 2011.
Applications for mortgages decreased 10.8 per cent in the June 2011 quarter compared to the same time last year, posting their sixth consecutive quarterly decrease.
The current June quarter however, declined at the lowest rate out of the past six quarters, recording a 6.3 per cent increase since March 2011.
All states recorded year-on-year decreases in mortgage demand. Of the major states, Queensland recorded the sharpest decline of 18.4 per cent, followed by WA with 11.7 per cent and VIC with 11.4 per cent.
NSW recorded the smallest decline amongst all states, down 5.0 per cent.
In contrast, quarterly performance results show all states except Tasmania recorded gains on the March 2011 quarter, with NSW leading at 7.7 per cent.
“The contrast in the yearly and quarterly performance results suggests there is a levelling in mortgage demand, as year-on-year declines are beginning to slow and quarter-on-quarter results show signs of growth,” Veda’s head of consumer risk Angus Luffman said.