Mortgage applications plunge

According to Veda Advantage, Mortgage applications plunged 15 percent in the March quarter compared with the same time last year or 8 percent from the previous quarter.

Last Saturday, the Federal Government reversed changes to foreign investment legislation which saw a flood of foreign buyers, typically from China make up the shortfall in demand. This tightening, coupled with plunging mortgage applications is expected result in a weak market housing market and softening of prices.

» Mortgage applications plunge – The Sydney Morning Herald, 28th April 2010.