Leading mortgage aggregator AFG has reported a decline in mortgage sales for the first three months of 2008.
AFG’s mortgage sales declined nationally by 14.2 per cent over the quarter compared to the same period in 2007.
NSW experienced the worst decline of 18.9 per cent, while Victoria’s was a comparatively modest 4.9 per cent.
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AFG general manager of sales and operations Mark Hewitt said the result was unprecedented.
“There’s no doubt that the high interest rate regime has already done its work,” Mr Hewitt said.
With a nine per cent share of the national mortgage market, AFG views the quarterly result as a strong indicator of wider industry trends – in this case a sign that interest rates are quelling borrower demand for loans.
