first_imgA sprawling riverfront home bought by one of the most prominent property investors in Brisbane, Australia’s richest woman Gina Rinehart. Picture: Lyndon MechielsenINVESTORS have hit the brakes so hard in Queensland, their mortgage activity has dropped to below the five-year average – and it could be the gap you were waiting for.Research by CoreLogic analyst Cameron Kusher found that over the past five years, investors had committed to $695.6 billion in mortgages across the country, pushing up prices as they did so.Mr Kusher said with investor demand now slowing, it would impact pricing across the country.In Queensland, “investor activity peaked all the way back in 2007 when investors comprised 49.3 per cent of mortgage demand. Investors currently account for 34.3 per cent of new mortgage lending which is lower than the five year average of 40.8 per cent,” Mr Kusher said. More from newsParks and wildlife the new lust-haves post coronavirus23 hours agoNoosa’s best beachfront penthouse is about to hit the market23 hours agoCoreLogic research analyst Cameron Kusher.“The changing landscape may slow markets a little but other states and territories (everywhere but NSW and Victoria) have largely seen demand over recent years driven by owner occupiers,” he said.“If anything, the lack of value growth in these market, superior affordability and less demand from investors may make buying conditions slightly more favourable for owner occupiers.”Mr Kusher said that as mortgage demand from investors, particularly in NSW, slowed, so too had the rate of value growth. “We saw a similar slowing of investor demand occur when credit conditions were tightened after the first round of APRA’s macroprudential policy changes through 2015 and early 2016.”In NSW, investors had gone from a peak of 63.6 per cent of new mortgage demand in May 2015 to 50.3 per cent in September this year.He said it was the “lowest proportion since December 2015 and well below its five year average of 55.6 per cent of new mortgage commitments.”Victoria had also dropped below its five-year average of 46.9 per cent, to now sit at 43.2 per cent. FOLLOW SOPHIE FOSTER ON FACEBOOK FREE: GET THE COURIER-MAIL’S REALESTATE NEWS DIRECT TO YOUR INBOXlast_img

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