This was the first fall in newly originated mortgage volumes after record highs in 2021.
Total mortgage volumes written against NSW residential titles slowed by 1.8% in March 2022, compared to March 2021.
Major Banks bore the brunt of the decline, down 12.1% year-on-year.
Head of Analytics and Insights at NSW Land Registry Services, Jerry Goldfried, said sales turnover in NSW is softening after all-time highs in 2021.
“We expect the trend to continue of Major Banks losing market share across newly originated mortgages and refinancing, while Other Domestic Banks, Foreign-ADI’s and non-ADI’s continue to grow their share of the NSW residential mortgage market,” said Goldfried.
The new mortgage sector saw Major Banks decline 8.5% compared with March 2021. However, Non-ADI’s bucked the trend and recorded an increase of 7.5% year-on-year.
Refinancing fared better, with the market remaining active in March 2022, up 6% year-on-year.
Foreign-ADI’s were up 115% on refinance volumes year-on-year, recording a net positive position of 481 refinances won in March 2022.
Other Domestic Banks were up 47% on refinance volumes year-on-year, recording a net positive position of 1,365 refinances won in March 2022.
Major Banks were the only sector to record a net refinance loss of 2,218 mortgages.
Editor’s Note
Comparisons made on data collected since 1994, when digital recording of mortgages on title commenced in NSW.
Other Domestic Banks are classified as Australian banks outside the Big 4, for a full list visit:
https://www.nswlrs.com.au/Documents-Repository/Business-Solutions/MSI-RMA-Segment-Categories
The NSW LRS Analytics and Insights team analyses all new and refinanced mortgages held against residential properties registered on the NSW Land Title Registry.
Newly published data from December 2021 compares the past month’s results with yearly trends.
Download the Residential Mortgage Activity report:
https://www.nswlrs.com.au/Business-Solutions/Mortgage-Share-Insights
Residential Mortgage Activity Report from NSW LRS
NSW Land Registry Services hold the most comprehensive title data bank in Australia. We are in a unique position to offer readers a complete view of changes to the
NSW property market. Our data solution is designed to assist users understand changes in the mortgage market.
In-depth reporting on mortgage changes for specific lenders and locational data e.g. postcode or even Statistical Area Level 1 is available through a new subscription service, Mortgage Share Insights.
The data can also be segmented into lender specific mortgage wins and losses by geography. For specific queries about Mortgage Share Insights please contact the team at
msi@nswlrs.com.au