Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Broker volumes plummet at AFG

Staff Reporter 4 minute read

Staff Reporter

Uncertainty in the economy has resulted in low mortgage sales, with AFG recording its lowest monthly sales figure since 2004.

According to the aggregator’s January Mortgage Index, just $1.3 billion worth of mortgages was processed last month – 40 per cent below the monthly figure recorded during 2010.

Queensland was the worst affected state, with only around half (48.9 per cent) the number of mortgages that were processed in December.

Advertisement
Advertisement

The news was not much better in Victoria and NSW, with month on month sales down by 39.6 per cent and 31.8 per cent respectively.

AFG executive director Kevin Matthews said while the Queensland floods had dealt a significant blow to the local property market, the disaster has also affected sentiment across the whole country.

“In times of national crisis, people hunker down and put off major buying decisions,” Mr Matthews said.

“Additionally, consumer confidence is being adversely affected by the huge discrepancies between so-called experts on where property markets are heading. Some tell us real estate is over-valued by up to 40 per cent. Others are telling us we’ve hit the bottom and should expect prices to pick up. All of this is undermining the confidence of potential buyers.”

Broker volumes plummet at AFG
default
TheAdviser logo

If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Early bird tickets are on sale now. Work smarter, not harder, this year.

PROMOTED CONTENT


default

 

more from the adviser
uptick graph Non-majors and non-banks continue to dominate: Broker Pulse

A greater proportion of brokers are sending their clients to non-...

construction equipment ta Demand for excavators up 191% YOY: CBA

The major bank’s data has revealed a jump in asset finance grow...

mortgage money house Hot Property: The biggest property headlines from the week 7-11 June

The weekly round-up of the biggest news stories from across Momen...