Mortgage activity continuing to trend up led by Victoria: RP Data

The mortgage market picked up pace in July led by Victoria but with all markets apart from Tasmania showing momentum, according to the latest weekly RP Data Mortgage Market Index.

Victorian mortgage activity trended up 4.1% in Victoria with gains of more than 2% in NSW, Queensland and South Australia.

The index is leading indicator of mortgage market performance (and hence demand for housing) showing an 81% correlation with the ABS housing finance data series (88% using the seasonally adjusted series). 

It is based on RP Data systems monitoring more than 100,000 mortgage activity events every month across its four main finance industry platforms. 

As the graph below shows, mortgage activity has been trending up since early 2013.