All Australian States Show Increased Home Loan Activity

Every Australian state and territory showcased a rise in home loan activity during the four weeks to May 5, according to new figures from RP Data.

Seasonally-adjusted figures for the past month show that home loan activity is particularly strong in Victoria - with an 11.7 per cent month-on-month rise. However, Tasmania is close on its heels with a seasonally-adjusted rise of of 11.5 per cent.

Elsewhere, Western Australia saw an increase of 10.4 per cent and mortgage activity in New South Wales grew by 9.3 per cent. South Australia and Queensland rounded out the figures with increases of 8.3 per cent and 7.6 per cent, respectively.

RP Data also recorded the average time a property remains on the market in each state before it is sold. It revealed that the average selling time for a house in Sydney was 36 days, compared with 41 days in Canberra, 46 days in Melbourne and 56 days in Perth.

In approximately half of cases, units sold more quickly than houses, although there were notable exceptions to this rule. In Darwin, for example, the average unit remains on the market for 101 days, compared to 60 days for a house.