Victoria leads the way in mortgage decline

Activity in the mortgage market has dropped across all states, while property listings are up, according to a report by CoreLogic RP Data.

The report revealed that mortgage market activity across Australia fell by 22.4 per cent for the month to January 25.

Victoria recorded the biggest drop in mortgage activity of all the states – 28.1 per cent. Western Australia saw a fall of 24.5 per cent, South Australia dropped by 23.7 per cent and New South Wales by 23 per cent.

Tasmania and Queensland also experienced a double-digit decrease in mortgage activity – down 14.2 per cent and 11.1 per cent respectively.

Meanwhile, property listing activity grew 21 per cent across Australia during the same period.

Queensland witnessed the biggest growth in property listings – up 32.7 per cent – while WA recorded growth of 21.2 per cent.

Property listing activity increased in SA by 20 per cent, and NSW by 17.8 per cent. Tasmania saw a 16 per cent rise, while Victoria recorded the lowest growth – up 10.5 per cent.

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