Mortgage applications surge up

Baby boomers are returning to the housing market in droves - but younger first home buyers are still doing it tough.

Mortgage applications last month were up 38 per cent compared to the same month last year, and were the highest monthly total since November 2007.

The information was supplied by credit information firm Veda Advantage.

Baby boomers (44-62 years old) in particular appear to be showing a disproportionate interest in the housing market, with a 45 per cent increase in mortgage applications on March 2008.

Generation X (28-43 years old) experienced a 34 per cent increase, while Generation Y (less than 28 years old) had the smallest growth with a 16 per cent increase on March last year.

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Posted: 7 Apr 2009

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