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Mortgage enquiries have seen their first increase in eight quarters, according to the Quarterly Credit Demand Index by credit data researcher Veda.
Angus Luffman, head of consumer risk products at Veda said this result could suggest we will see an end to the decline in house prices.
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"Turning points in mortgage enquiries usually occur one to three quarters ahead of turning points in house prices, an early warning sign which could indicate that after a continued decline, mortgage enquiries may have bottomed out,” he said.
According to Mr Luffman, Veda mortgage enquiries are closely related to the number of housing finance approvals, so this is a trend to watch, particularly with regards to future house prices.
"In terms of state by state mortgage activity we are seeing different trends play out, with NSW mortgage enquiries being affected by the expiration of stamp duty and Queenslanders starting to bounce back after a challenging year.”
