Monday, March 5th, 2012 - Yourmortgage.com.au
Housing affordability and global and domestic economic uncertainty are taking their toll on the property market according to the latest Your Mortgage Index. Compiled from user activity statistics from independent mortgage comparison website YourMortgage.com.au, the latest Index shows a drop of almost 7.5 per cent in the proportion of enquiries from first homebuyers compared to 12 months ago.

As first homebuyers delay their entry into the market, homeowners are also displaying conservative attitudes with more households putting off home renovations in favour of saving. Home renovations accounted for just 1 per cent of enquiries this month, but in contrast refinancing is on the rise with the number of households refinancing for a better deal up 6 per cent compared to the same period last year. This is no doubt largely a reaction to the big banks raising interest rates independent of the RBA’s announcement earlier this month.

The outlook is brightest in the Sunshine State this month as buyer and investor activity returns to Queensland, which recorded a close to 5 per cent increase in enquiries in the latest Index.

-ENDS-

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Launched in 1995, Yourmortgage.com.au provides daily updated interest rate information to Australian home and investment borrowers to assist them in finding the loan that suits their needs. Attracting 165,000 visits per month, Yourmortgage.com.au is a one-stop resource for homebuyers and property investors seeking the latest property news, free reports, price comparisons and loan calculators. Yourmortgage.com.au features more than 1,400 Australian home and investment loan products from over 80 lending institutions. In addition, users can access exclusive video interviews with industry leaders on Your Mortgage TV, and join the latest discussion on the Your Mortgage forum.

www.yourmortgage.com.au
Kerry Corben
P: 02 8437 4797
W: www.yourmortgage.com.au

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Yourmortgage.com.au, Your Mortgage Index, homebuyer, home loan, refinancing, property market, investment property, interest rates

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