Leading mortgage aggregator AFG today reported falls in mortgage sales for the first three months of the year, compared to the same period in 2007.
According to AFG, mortgage sales declined nationally by 14.2 per cent over the quarter.
NSW experienced the worst decline of 18.9 per cent, while Victoria’s decline was a comparatively modest 4.9 per cent.
AFG general manager of sales and operations Mark Hewitt said a decline in sales for an entire quarter was an unprecedented result for AFG.
With the aggregator claiming a nine per cent share of the national mortgage market, AFG sees the quarterly result as a strong indicator of wider industry trends – and in this case a sign that interest rates are quelling borrowers’ demand for loans.
“There’s no doubt that the high interest rate regime has already done its work,” Mr Hewitt said.
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