Confidence is making a comeback in the property market, as new insights reveal an uptick in mortgage applications.
According to the Equifax Quarterly Consumer Credit Insights – September 2024, credit demand has risen by 2.3% in the September quarter compared to the same period last year.
This marks the first positive growth in mortgage demand since 2021—a promising sign for the housing market.
Mortgage demand has grown for the first time in over three years, signalling increased activity in the property market.
At the same time, demand for unsecured credit—such as credit cards, personal loans, and Buy Now Pay Later services—has declined by 1.9%.
This shift highlights changing consumer spending habits, likely driven by economic pressures.
Kevin James, Equifax’s General Manager of Advisory and Solutions, attributes the rise in mortgage demand to growing optimism around potential interest rate cuts.
Meanwhile, the reduction in unsecured credit demand indicates that many Australians are adjusting to meet the challenges of the current cost of living crisis.
