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Fewer Queenslanders applying for mortgages as housing market cools

first_imgFewer Queenslanders are applying for mortgages according to new research.Mr Luffman said the figures could indicate people were turning to credit to support their household and discretionary spending.“Given the current subdued growth in household incomes, and below-neutral consumer sentiment, it is understandable that Australians may be becoming more circumspect in their use of consumer credit products,” he said.Mortgage applications are a good indicator of homebuyer demand and housing turnover.It comes as Brisbane home prices recorded their slowest rate of growth in four years over the past financial year, rising just two per cent, according to CoreLogic. Fewer Queenslanders are applying for home loans according to new data. Picture: Chris PavlichThe finding comes after CoreLogic data revealed the number of homes up for auction across Sydney, Melbourne, Brisbane, Adelaide and Perth fell for the fourth straight week in the seven days to July 16.More from newsMould, age, not enough to stop 17 bidders fighting for this home3 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor3 hours agoGET THE LATEST REAL ESTATE NEWS DIRECT TO YOUR INBOX HERENationally, consumer credit demand rose 10.3 per cent in the June quarter, driven mainly by a surge in personal loan applications, according to Equifax’s latest Quarterly Consumer Credit Demand Index.Credit card applications in Queensland rose 4.5 per cent in the three months to June, the second largest increase after Tasmania.Personal loan applications also picked up strongly in Queensland — jumping 19.6 per cent during the quarter.Extreme inner-city renovationDo these five things before you make an offerBuyers with a bad case of FOMO Fewer Queenslanders are applying for home loans, according to new research. Picture: Brendan Radke.FEWER Queenslanders are applying for home loans in another sign the state’s housing market is beginning to cool.Mortgage applications fell 3.4 per cent in Queensland during the June quarter, according to credit reporting agency Equifax.Nationally, home loan applications were down nearly one per cent during the quarter.Equifax senior general manager Angus Luffman said it marks the second consecutive quarter of declining mortgage applications, signalling the start of a “downward trend” in all states.“Any debate about whether the housing market is softening should now be put to rest,” Mr Luffman said.“We can clearly see that, even in the historically strong geographies on the eastern seaboard, mortgage application demand is slowing or already in decline.”last_img read more

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