Mortgage demand suggests Australian housing market is cooling

Mortgage applications were down almost one per cent in the June quarter, another sign the housing market is beginning to cool.

Credit reporting agency Equifax’s quarterly consumer credit demand index shows the number of mortgage applications in the three months to June across Australia were down 0.9 per cent from a year ago.

Equifax senior general manager Angus Luffman says this is the second consecutive quarter of declining mortgage applications, and it marks the start of a “downward trend” in all states.

“Any debate about whether the housing market is softening should now be put to rest,” Mr Luffman said in a statement.

“We can clearly see that, even in the historically strong geographies on the eastern seaboard, mortgage application demand is slowing or already in decline.”

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