AFG: mortgage sales +17% y/y

Australia's largest mortgage broker reports mortgage sales as being up 17% on a year ago.

However, some states are faring much better than others:

"Mortgage figures for June published today by AFG, Australia's largest mortgage broker, show that while some states surged ahead during the last financial year, others are struggling. 

Overall, national mortgage sales were up 17% in June 2013 compared to the same month last year. Leading the pack was WA, up 30% followed by VIC (25.8%) and NSW (19.9%). 

But QLD sales for June were 2.7% lower than in June 2012, and SA figures were 10.3% lower."

This is being reflected in strong property price growth in Sydney and Perth.

Note: AFG was only established in 1994, and it started to get recognition from around 2006 - thus, there is not much comparable data with which to compare "record sales". Some of the growth will relate to market share rather than sector growth. For this reason, more emphasis should always be placed on ABS figures rather than figures reported by AFG.

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