The average loan-to-valuation ratio of mortgage applications is currently 74.3 per cent, according to new research.CoreLogic has matched its property valuation data with Veda's loan application data to come up with an LVR estimate for the whole market.According to the data, the average LVR hit a peak of 78.9 per cent in 2013 and since then has been in a slow decline.CoreLogic and Veda found that the cities with weaker housing market conditions had higher average LVRs. The average LVR for mortgage applicants in Hobart is currently 78.5 per cent - the highest of any capital city.Perth's average LVR is 77.1 per cent, while Melbourne's is 66.6 per cent and Sydney's is 59.8 per cent."High equity is likely one of the factors that has pushed application LVRs lower in Sydney and, to a lesser extent, Melbourne," said Veda general manager of commercial and property solutions Moses Samaha.The falling number of first-home buyers in the market is also having an impact. The low level of activity in that sector would tend to push LVRs lower overall.CoreLogic head of research Tim Lawless said the figures also showed the impact of the Australian Prudential Regulation Authority's enforcement of more prudent lending standards.