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5609.0 - Housing Finance, Australia, Apr 2008  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 10/06/2008   
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SUMMARY OF FINDINGS


DWELLINGS FINANCED

Value of Dwellings Financed

The total value of dwelling commitments excluding alterations and additions (seasonally adjusted) decreased 3.0% in April 2008 compared with March 2008. The trend series for total value of dwelling finance commitments excluding alterations and additions decreased by 2.7% in April 2008.

The total value of owner occupied housing commitments (seasonally adjusted) fell by 4.9% (down $686m) in April 2008, following a revised decrease of 4.5% in March 2008. The decrease this month was due to falls in purchase of established dwellings excluding refinancing (down $528m, 6.3%) and refinancing of established dwellings (down $224m, 5.4%), while increases were recorded in construction of dwellings (up $64m, 5.8%) and purchase of new dwellings (up $2m, 0.5%), The trend series in the value of owner occupied commitments decreased by 2.7% in April 2008.

The total value of investment housing commitments (seasonally adjusted) increased by 1.4% (up $86m) in April 2008 compared with March 2008, following a revised decrease of 7.9% in March 2008. The increase this month was due to increases in construction of dwellings for rent or resale (up $150m, 34.2%) and purchase of dwellings by others for rent or resale (up $35m, 5.0%), while purchase of dwellings by individuals for rent or resale fell (down $98m, 2.0%). The trend series for the total value of investment housing commitments decreased by 2.7% in April 2008.

INVESTMENT HOUSING - TOTAL
Graph: INVESTMENT HOUSING - TOTAL



Number of Owner Occupied Dwellings Financed

The number of owner occupied housing commitments (seasonally adjusted) decreased by 3.0% (down 1,762) in April 2008 compared with March 2008, following a revised decrease of 5.7% in March 2008. Decreases were recorded in purchase of established dwellings excluding refinancing (down 2,370, 7.1%) and purchase of new dwellings (down 26, 1.3%), while increases were recorded for refinancing of established dwellings (up 550, 2.9%) and construction of dwellings (up 84, 1.8%). The number of owner occupied housing commitments (trend) decreased 2.5% in April 2008.

The number of owner occupied housing commitments (seasonally adjusted) decreased in April 2008 compared with March 2008 in New South Wales (down 964, 5.4%), Western Australia (down 700, 9.3%), Victoria (down 446, 3.0%), Queensland (down 193, 1.6%), the Australian Capital Territory (down 66, 8.0%) and Tasmania (down 18, 1.4%) while increases were recorded in South Australia (up 126, 2.7%) and the Northern Territory (up 54, 13.7%). The trend estimates decreased in all states and territories.

In original terms, the number of first home buyer commitments as a percentage of total owner occupied housing finance commitments increased from 16.4% in March 2008 to 16.9% in April 2008. The number of fixed rate loan commitments as a percentage of total owner occupied housing finance commitments fell from 23.9% in March 2008 to 17.5% in April 2008. The average loan size for owner occupied housing commitments rose from $233,500 in March 2008 to $236,900 in April 2008.

Graph: Number of Owner Occupied Dwellings Financed


Number of Owner Occupied Dwellings Financed Excluding Refinancing

The number of owner occupied housing commitments excluding refinancing (seasonally adjusted) decreased by 5.8% in April 2008 compared with March 2008, following a revised decrease of 5.4% in March 2008. The trend fell 3.3% in April 2008, the tenth consecutive monthly decrease.

Graph: Number of owner occupied dwellings financed excluding refinancing


PURPOSE OF FINANCE (OWNER OCCUPATION)

Construction of dwellings

The number of finance commitments for the construction of dwellings for owner occupation (seasonally adjusted) rose 1.8% in April 2008 compared with March 2008, following a revised decrease of 5.0% in March 2008. The trend series fell by 0.7%.

Graph: Construction of dwellings


Purchase of new dwellings

The number of finance commitments for the purchase of new dwellings for owner occupation (seasonally adjusted) fell by 1.3% in April 2008, following a revised decrease of 10.3% in March 2008. The trend series fell by 3.4% in April 2008, the tenth consecutive monthly decrease.

Graph: Purchase of new dwellings


Purchase of established dwellings (including refinancing)

The number of finance commitments for the purchase of established dwellings for owner occupation (seasonally adjusted) fell by 3.5% in April 2008, following a revised decrease of 5.6% in March 2008. The trend series decreased by 2.6% in April 2008..

Graph: Purchase of established dwellings including refinancing


Refinancing

The number of refinancing commitments for owner occupied housing (seasonally adjusted) rose 2.9% in April 2008 compared with March 2008, following a revised decrease of 6.4% in March 2008. The trend series fell 0.8% in April 2008.

Graph: Refinancing


TYPE OF LENDER (OWNER OCCUPATION)

Banks

The number of owner occupied dwellings financed by banks (seasonally adjusted) decreased by 2.0% in April 2008 compared with March 2008, after a revised decrease of 4.6% in March 2008. The trend series fell 2.0% in April 2008.

Graph: Banks


Non-banks

The number of owner occupied dwellings financed by non-banks (seasonally adjusted) decreased by 8.7% in April 2008 compared with March 2008, after a revised decrease of 11.6% in March 2008. The trend series in the number of owner occupied dwellings financed by non-banks decreased by 5.1% in April 2008, the eleventh consecutive monthly decrease. The number of commitments for owner occupied dwellings financed by wholesale lenders n.e.c. (seasonally adjusted) increased 2.3% while the trend series has continued to decline (down 5.0%).

Graph: Non-banks


HOUSING LOAN OUTSTANDINGS

At the end of April 2008, the value of outstanding housing loans financed by authorised deposit-taking institutions was $730,669m, up $11,478m (1.6%) from the March 2008 closing balance. Owner occupied housing loans increased by $8,199m (1.7%) to $496,635m and investment housing loans increased by $3,279m (1.4%) to $234,034m.

Bank loans increased by $10,892m (1.6%) during April 2008 to reach a closing balance of $688,761m. Owner occupied housing loans of banks increased by $7,728m (1.7%) to $463,080 and investment housing loans increased by $3,164m (1.4%) to $225,681m.


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