Investor activity is heating up in Queensland as it comes off record highs in NSW.
New figures from AFG show the proportion of mortgages arranged for investors in Queensland rose to 38.7% in June, up from 33.5% in January. While NSW still leads the nation in investor activity, investor loans in the state fell from a peak of 53.4% in January to 45.9% in June.
"Overall it’s been a great financial year for AFG," AFG general manager of sales and operations Mark Hewitt
said. "We processed almost $44 billion in home loans, which is 24% more than in the last financial year. In NSW, investors have accounted for more than two out of every five home loans each month for the past two-and-a-half years. What we’re seeing now is a resurgence in QLD as investors step up activity there. In both cases it should also be noted that the proportion of first home buyers are at very low levels compared with the rest of the country."
First homebuyer figures have remained low in most states, accounting for just 3.4% of loans in NSW and 5.6% in Queensland. But first homebuyer figures in WA were more robust, where first time purchasers accounted for 23.1% of the market.