Every state and territory – except the ACT and Victoria – saw declines in figures and REIA suggests “that something needs to be done”.
"The November 2014 lending figures indicate a moderating market with November being the tenth consecutive month of modest drops in lending levels if refinancing is excluded," REIA president Neville Sanders said.
Sanders also noted that the country’s gross domestic product growth is currently below trend. Inflation, on the other hand, is within the target zone set by the Reserve Bank of Australia (RBA), he said.
"The RBA board should be considering a cut in interest rates at its February meeting," Sanders argued.
The RBA will meet on 3 February, which will also mark their first schedule this year.
Back in August 2013, mortgage brokers saw an increase in activity after the RBA first dropped the official cash rate. It has remained the same ever since.
Collections: Mortgage News