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One of Australia’s largest aggregators has recorded a 17 per cent spike in national mortgage sales over the past financial year.
Yesterday, AFG announced it had seen a spike in activity over the 2012/2013 financial year.
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Leading the pack was Western Australia, which recorded a 30 per cent uptake in mortgage sales, followed by a 25.8 per cent spike in Victoria and a 19.9 per cent lift in New South Wales.
But while some states performed well, others didn’t hit the mark, with mortgage sales falling 2.7 per cent in Queensland and 10.3 per cent in South Australia.
This patchiness is also reflected in average loan sizes. Last month, these were $494,000 in NSW, $408,000 in WA, $388,000 in Victoria, $344,000 in Queensland and $322,000 in South Australia.
“The mortgage market is continuing to become more and more complex. We are seeing patchiness across the states as WA and NSW in particular grow strongly, while Queensland and SA are still soft,” AFG general manager of sales and operations Mark Hewitt said.
“First home buyers are particularly active in WA, but hardly feature in Queensland and NSW since grants were cut. Political uncertainly, concerns about China and the economy in general are giving buyers a lot to think about. That said, 95 per cent of people are employed and rates are at their lowest in 30 years. We’re hoping that a gradual return of confidence over the next financial year will see a broader-based recovery take place.”
