More Australians are considering entering the housing market, according to figures from Veda, a provider of consumer and commercial data information.
Veda's consumer credit demand index for the third quarter of 2013 shows that demand increased 7.4 per cent on a year-over-year basis, as well as 5.4 per cent from the previous quarter.
This trend was felt strongly in the home loan market, where the number of mortgage enquiries rose to 9.7 per cent on a quarterly basis. This is up from 7.9 per cent during the June quarter, which in turn was the largest increase in mortgage enquiries since June 2010.
“With the results in the September quarter we have now seen eight consecutive months of mortgage demand growth, with the rate of growth increasing across 2013,” said Angus Luffman, general manager of consumer risk at Veda.
“During the last 18 months we have also seen a continuing trend of a greater proportion of enquiries from the 45+ age bracket. This tends to support other commentary and data indicating that the growth in housing market activity is being driven by increased housing market participation by investors rather than owner-occupiers."
Mortgage enquiry growth was highest in New South Wales (14.4 per cent) and South Australia (11.6 per cent).
They were followed by Western Australia (10.1 per cent), Victoria (8.4 per cent), Queensland (4.7 per cent), Tasmania (3.1 per cent), Australian Capital Territory (2.4 per cent) and Northern Territory (0.7 per cent).