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INVESTMENT AND FINANCE
In original current price terms, Western Australia's business investment rose 20.4% ($1,038 million) to $6,114 million through the year to December quarter 2007. This rise was mainly driven by increased investment in the mining industry, up $730 million (20.5%). Other selected industries (including retail trade, property and business services and construction) (up $169 million or 14.9%) and manufacturing (up $139 million or 37.6%) also recorded growth over the same period.
The total value of housing finance for owner occupation (original) in Western Australia decreased 6.5% ($392 million) in the three months to January 2008, compared to the previous three month period. The average loan size for first home buyers fell 3.8% ($9,300) and for non-first home buyers it fell 3.0% ($7,100). The difference between the average loan size for first home buyers and non-first home buyers has narrowed considerably in Western Australia in recent months. In July 2007, the average loan size for first home buyers ($259,500) was $23,700 higher than the non-first home buyers ($235,800), but in January 2008 the average loan size for first home buyers ($231,100) was $1,700 less than the non-first home buyers ($232,800).
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