FHB mortgages recover in July

FHB mortgages recover in July

by 0 comments

By: Staff Reporter

Despite an overall cool down in the property market, there is a glimpse of a recovery in the first home buyer sector, the latest AFG data reveals.

According to the AFG Mortgage Index released today, the share of first home mortgage activity to all mortgages increased from 9.5 per cent in June to 11.1 per cent in July.

The volume of first home buyer mortgages also increased from $192 million to $204 million.

Meanwhile, overall mortgage volumes have been in an almost steady decline since March this year, with the number of new mortgages falling 15.1 per cent in July.

AFG general manager, sales and operations, Mark Hewitt said six interest rate rises and an environment of economic uncertainty slowed down the market significantly during the first half of the year.

"In July we saw additional seasonal factors come into play - the election was called, school holidays during the first two weeks and a wet, cold winter in eastern states.

"That said, we did see a pickup in activity towards the end of the month, and we expect stronger figures as we move into spring," he said.

By: Staff Reporter

Despite an overall cool down in the property market, there is a glimpse of a recovery in the first home buyer sector, the latest AFG data reveals.

According to the AFG Mortgage Index released today, the share of first home mortgage activity to all mortgages increased from 9.5 per cent in June to 11.1 per cent in July.

The volume of first home buyer mortgages also increased from $192 million to $204 million.

Meanwhile, overall mortgage volumes have been in an almost steady decline since March this year, with the number of new mortgages falling 15.1 per cent in July.

AFG general manager, sales and operations, Mark Hewitt said six interest rate rises and an environment of economic uncertainty slowed down the market significantly during the first half of the year.

"In July we saw additional seasonal factors come into play - the election was called, school holidays during the first two weeks and a wet, cold winter in eastern states.

"That said, we did see a pickup in activity towards the end of the month, and we expect stronger figures as we move into spring," he said.

promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2017

With a combined sales volume of over $14 billion in 2017, the Top 100 Agents ranking represents the very best sales agents in Australia. Find out what sets them apart and learn their secrets to success.

featured podcast

featured podcast
How this agent grew his database by 50% in five years

In this episode of Secrets of the Top 100 Agents, Robert Pignataro joins host Tim Neary to explain how he increased his personal database by...

View all podcasts

Does the benefit of being part of a branded group outweigh the cost?

Yes
No
Depends on the group
Do you have an industry update?