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Average LVRs have fallen to their lowest levels since June 2012, according to the latest AFG Mortgage Index.
Sitting at just 67.3 per cent in December, LVRs fell nationally by 1.6 per cent that month.
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AFG attributes the drop to increased investor activity.
The decrease in LVRs reflects the high proportion of activity seen in investors, who tend to have greater equity than first home buyers, according to the December Mortgage Index.
Those states with stronger levels of first home buyer activity also had higher LVRs, with Western Australia recording an average LVR of 71.3 per cent, while South Australia recorded an average LVR of 70 per cent.
New South Wales, which experienced significant investor activity in the second half of 2013, recorded an average LVR of just 65.4 per cent.
