New mortgage applications on the rise in Canberra

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New mortgage applications in the Australian Capital Territory surged 14.9% in the December quarter.

The Veda Quarterly Consumer Credit Demand Index for the December quarter showed that Canberra is leading the nation in mortgage applications, with growth over the quarter more than double the national figure of 6.6%.

According to Angus Luffman, general manager of consumer risk products at Veda, mortgage applications in the ACT have been growing over the past six quarters—the only jurisdiction where this has occurred.

In contrast, mortgage applications in the Northern Territory and Western Australia have been on the decline (-10.8% and -10.6% respectively).

Historically, movements in Veda mortgage applications have tended to lead movements in house prices by around six to nine months. Mortgage applications are a good indicator of home buyer demand, and are an excellent indicator of housing turnover.

The Veda report does not include the number of applications or how many were converted into loans.

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