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1367.5 - Western Australian Statistical Indicators, Sep 2007  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 03/10/2007   
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Image: Investment and Finance INVESTMENT AND FINANCE

PRIVATE NEW CAPITAL EXPENDITURE

Private new capital expenditure (trend chain volume measures) in Western Australia increased 7.4% ($354 million) to $5,209 million in the June quarter 2007, higher than national growth of 5.3%. The rise in Western Australia was driven by investment in both equipment, plant and machinery (up 12.1% or $216 million) and buildings and structures (up 4.2% or $127 million).

PRIVATE NEW CAPITAL EXPENDITURE, Chain volume measures
Graph: PRIVATE NEW CAPITAL EXPENDITURE, Chain volume measures



In original current price terms, Western Australia's private new capital expenditure rose 11.1% ($577 million) to $5,778 million through the year to June quarter 2007. The main driver of growth was investment by other selected industries (including retail trade, property and business services and construction) (up 30.9% or $351 million), followed by mining (up 4.6% or $167 million) and manufacturing (up 14.1% or $59 million).


HOUSING FINANCE COMMITMENTS

The number of dwellings financed for owner occupation (trend) in Western Australia has risen for six consecutive months to 8,824 commitments in July 2007, rebounding from eight months of rapid decline. In the three months to July 2007, the number of dwellings financed rose 2.4% (606 commitments) compared to the previous three month period. This rate that was well above the 1.5% (373 commitments) increase in the three months to April 2007 (compared to the previous three months). The recent growth in Western Australia's housing finance could translate into a recovery in approvals for housing construction in the coming months.

HOUSING FINANCE COMMITMENTS, Number of dwellings financed
Graph: HOUSING FINANCE COMMITMENTS, Number of dwellings financed



In the three months to July 2007, Western Australia's total value of finance for owner occupied housing (original) increased 21.0% ($1,162 million) to $6,706 million, compared to the previous three month period. The rise was attributable to growth in finance by both non-first home buyers (up 15.5% or $761 million) and first home buyers (up 62.8% or $401 million). Over the three months to July 2007, the average loan for first home buyers was $246,100, $3,800 higher than for non-first home buyers ($242,300). The average loan for first home buyers grew 18.1% ($37,700) in the three months to July 2007 (compared to the previous three months), much higher than for non-first home buyers (up 6.8% or $15,400).

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