The number of first homebuyers who are taking the plunge and making home loan enquiries has dropped off significantly compared to this time last year, according to recently released statistics.
According to February’s Your Mortgage Index, which is compiled using user activity statistics from mortgage comparison website Your Mortgage, first homebuyer enquiries have decreased by almost 7.5% on February 2011’s figure.
Refinance enquiries, however, saw an increase of 6%, following the decision by many of Australia’s major banks to increase their interest rates independently of the RBA last month. Renovations accounted for just 1% of all enquiries in February.
Investors appear to be entering the market in greater numbers, with the Index recording just under a 3% rise in enquiries for investment property loans when compared to the same time last year.
On a state by state level, Queensland saw the biggest increase in mortgage enquiries (4.69%) just over a year on from 2011’s devastating floods. Western Australia (2.1%), South Australia (0.48%) and the Northern Territory (0.44%) also saw some improvement in their mortgage enquiry numbers.
New South Wales saw the biggest decline (-6.02%), followed by the ACT (-1.16%), Vic (-0.46%) and Tas (-0.06%).
What are your thoughts on the current property market conditions? Join the debate on our property investment forum.
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