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Data from the Australian Bureau of Statistics found 143,292 loans were recorded in the June quarter, 20 per cent more than the 119,358 loans recorded in the March quarter.
Deposit Power national manager Keith Levy said low interest rates and the first home owners grant had contributed to the considerable increase in the total number of loans.
“The state and federal government incentives for first home buyers appear to have worked in stimulating activity in the low to mid-end of the market,” Mr Levy said.
In line with the hike in demand for loans affordability has also taken a hit.
New South Wales is the most expensive state in Australia in which to own a home, with 31.3 per cent of a person’s income needed to meet loan repayments.
Data from the Real Estate Institute of Australia showed median house prices in the State had climbed in the June quarter, causing overall housing affordability to dip.
