Activity in the mortgage market has dropped across all states, while there has been significant growth in the number of property listings, according to a report by CoreLogic RP Data.
The report revealed that mortgage market activity across Australia fell by 22.4 per cent for the month to January 25.
Victoria recorded the biggest drop in mortgage activity of all the states – down 28.1 per cent.
Western Australia’s mortgage activity fell by 24.5 per cent, while activity in South Australia dropped by 23.7 per cent and in New South Wales by 23.0 per cent.
Tasmania and Queensland also experienced a double-digit decrease in mortgage activity – down 14.2 per cent and 11.1 per cent respectively.
Meanwhile, property listing activity grew 21.0 per cent across Australia during the same period.
Queensland witnessed the biggest growth in property listings – up 32.7 per cent – while Western Australia recorded a growth of 21.2 per cent.
Property listing activity increased in South Australia by 20.0 per cent, while New South Wales experienced a 17.8 per cent rise.
Tasmania saw a 16 per cent increase in property listings, but Victoria recorded the lowest growth of all the states – up 10.5 per cent.