Borrowers aged 26 to 35 recorded an 18.2% fall in mortgage demand, while 18-to-25-year-olds were down 17.9% – both far steeper than the 5.6% decline among those aged 56 and over. First-home buyer demand fell 17.2%, with Queensland recording the sharpest state-level drop at 20.8%, while Tasmania was comparatively resilient at -9.9%. Refinancing also softened, with switching between lenders down 15.1% and NSW and Victoria posting double-digit declines of 18.3% and 16.6% respectively. Equifax chief solution officer Kevin James said the shift reflected a more cautious mindset taking hold. The Equifax Consumer Market Pulse June data indicates that the proactive risk management we observed among Australian households earlier this year has evolved into a far more conservative, defensive approach to borrowing. He added that under-35s were pulling back hard right across the credit spectrum, with demand from the 26–35 age group effectively hit a wall, dropping -20.5% for new mortgage applications specifically. The retreat isn't just showing up in loan applications — household mood has soured too: the Westpac–Melbourne Institute Consumer Sentiment Index fell 2.9% in June to 80.6, among the weakest readings in its fifty-year history, with the share of consumers nominating real estate as the wisest place for savings dropping to just 4.5% — the lowest level since the survey began in 1974.

The caution wasn't limited to home loans. Credit card demand fell for a third consecutive month – a pattern James said hadn't been seen since 2022 – while personal loan demand turned negative for the first time in 18 months. James noted the 56-plus cohort remained the exception, tracking modest growth in both auto loans (+4.6%) and personal loans (+5.3%), insulated by lower debt levels and greater existing wealth.

Open home attendance hits lowest point on record. Ray White Group chief economist Nerida Conisbee reports that average open home attendance fell to 2.1 people per inspection over the four weeks to 11 July, down from 3.6 a year earlier — the lowest result since the series began in January 2024, drawn from around 13,000 open homes tracked weekly. Conisbee points to a combination of factors behind the slide, including borrowing costs, weak sentiment, and budget-related changes for investors. Attendance had fallen from 10% above year-ago levels in January to 2.6 by early May, before easing further after the Budget landed on 12 May. She notes there was no sharp drop immediately after budget night, saying the slowdown was already well underway before the budget, and that the decline more likely reflects the cumulative impact of higher borrowing costs, weak confidence and broader uncertainty than any single event.