1367.5 - Western Australian Statistical Indicators, Dec 2009  
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Contents >> Investment and finance >> Housing finance commitments

HOUSING FINANCE COMMITMENTS



3 DECEMBER KEY FIGURES, Western Australia

Trend estimates
Seasonally adjusted estimates
Dec 2009
% change from
Dec 2009
% change from
Owner-occupied housing
Nov 09
Dec 08
Nov 09
Dec 08

Total number of dwelling commitments (no.)(a)
7500
-0.2
14.4
7264
-2.7
9.6
Total value of dwelling commitments ($m)(a)(b)
2172
-0.2
24.9
2074
-5.5
16.8

(a) Includes re-financing.
(b) Excludes revolving credit.
Source: Housing Finance, Australia (cat. no. 5609.0).
  • In December 2009, the total number of dwelling commitments for owner-occupied housing decreased marginally (down 0.2%) in trend terms. This was the first monthly decrease since August 2008. The number of commitments was just over 14% higher than for December of the previous year.
  • In seasonally adjusted terms, the number of dwellings commitments decreased for the third consecutive month in December (down 2.7%). However, the December 2009 estimate was still almost 10% higher than for December 2008, when the global economic downturn was strongly affecting the housing market in Western Australia.
  • Recent interest rate rises and the phasing out of government loans to first home buyers are reflected in this continuing decrease.





  • In December 2009, the total value of owner-occupied dwellings financed decreased by 0.2% in trend terms (down 5.5% in seasonally adjusted terms).
  • In the year to December, the total value rose to over $2 billion. This was approximately 25% higher in trend terms (17% higher seasonally adjusted) than in the same month of the previous year.

4 HOUSING FINANCE COMMITMENTS FOR OWNER OCCUPATION(a), By type of buyer (Original)

FIRST HOME BUYERS
Number of dwellings financed
Total value of dwelling commitments
Average loan size
Reference period
no.
$m
$'000

2007-2008
16 445
3 956.9
240.6
2008-2009
20 782
5 861.3
282.0
2008
October
1 307
348.1
266.4
November
1 384
389.8
281.7
December
1 772
486.1
274.3
2009
January
1 589
449.5
282.9
February
1 802
540.4
299.9
March
2 126
624.9
293.9
April
2 008
600.1
298.9
May
2 365
695.9
294.2
June
2 500
732.8
293.1
July
2 347
685.2
291.9
August
1 848
537.4
290.8
September
2 457
734.3
298.8
October
2 342
688.2
293.9
November
2 088
628.1
300.8
December
1 835
550.4
300.0

(a) Excludes alterations and additions. Includes re-financing.
Source: Housing Finance, Australia (cat. no. 5609.0)


  • After falling below 1,900 (original) in August 2009, the number of loan commitments to first home-buyers rose by 33% in September, then decreased in October and November, by 5% and 11% respectively. This decline continued with a further 12% fall in December 2009, reflecting the cessation in the Federal Government's 'First Home-Buyers Boost'.
  • Despite these recent falls in the number of first home-buyer loan commitments, the December 2009 figure was still higher (3.6%) than for the same month of the previous year when the global financial crisis was at a peak.
  • In the year to December 2009, the size of the average loan for first home buyers increased by over 9%, from $274,300 to $300,000. For further details, see Housing Finance - Subsidies for first home buyers.


5 HOUSING FINANCE COMMITMENTS FOR OWNER OCCUPATION(a), By type of buyer: Original

NON-FIRST HOME BUYERS
Number of dwellings financed
Total value of dwelling commitments
Average loan size
Reference period
no.
$m
$'000

2007-2008
76 326
18 247.3
239.1
2008-2009
61 093
15 984.7
261.6
2008
October
5 359
1 391.0
259.6
November
4 518
1 121.3
248.2
December
5 020
1 308.4
260.6
2009
January
4 345
1 098.9
252.9
February
4 701
1 219.3
259.4
March
5 410
1 476.5
272.9
April
4 921
1 376.5
279.7
May
5 385
1 483.1
275.4
June
5 678
1 562.4
275.2
July
5 563
1 574.8
283.1
August
5 066
1 463.2
288.8
September
5 365
1 529.8
285.1
October
5 473
1 532.6
280.0
November
5 448
1 586.4
291.2
December
5 471
1 541.2
281.7

(a) Excludes alterations and additions. Includes re-financing.
Source: Housing Finance, Australia (cat. no. 5609.0)

  • Following rises in September and October 2009, the number of dwellings financed fell slightly in November and then increased slightly (0.4%) in December.
  • In the year to December, the average loan for non-first home buyers rose by 8%, from $260,600 to $281,700, but was $18,300 less in December 2009 than for first home buyers.
This link takes you to time series spreadsheets from Housing Finance, Australia , Dec 2009 (cat. no. 5609.0).
Tables 5 - 8 and Tables 9B-10C contain a range of housing finance commitments data by state.


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