Low interest rates have spurred mortgage enquiries up 15% in the past year, according to the latest statistics.
Veda’s most recent consumer credit demand index for the final quarter of 2013 found mortgage enquiries were up by 15.3% year on year. This follows a 9.7% in the September quarter and a 7.9% increase in the June quarter.
Veda general manager of consumer risk Angus Luffman says mortgage enquiries are now showing the strongest growth since late 2009.
“It is likely that we will see a continuing increase in the near term, along with sustained house price growth,” said Luffman.
“We saw a further shift to mortgage applications from older demographics, with more first home buyers leaving the market.”
All states except South Australia saw year on year growth in the volume of mortgage enquiries in the December quarter.
For the second consecutive quarter mortgage enquiries were strongest in NSW (+22.2%) with significant increases also recorded in VIC (+15.2%), QLD (+11.9%) and WA (+11.9%).
Other states to experience mortgage enquiry growth were TAS (+9.8%), SA (+8.4%), ACT (+4.8%) and the NT (+2.6%).