5609.0 - Housing Finance, Australia, Apr 2009 Quality Declaration 
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 10/06/2009   
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SUMMARY OF FINDINGS


DWELLINGS FINANCED

Value of Dwellings Financed

The total value of dwelling commitments excluding alterations and additions (trend) increased 2.6% in April 2009 compared with March 2009 and the seasonally adjusted series increased 3.6% in April 2009.

The total value of owner occupied housing commitments (trend) rose 2.9% (up $453m) in April 2009, following a revised increase of 3.8% in March 2009. The increase in April was due to increases in the value of commitments for the purchase of established dwellings excluding refinancing (up $363m, 3.8%), the construction of dwellings (up $62m, 4.7%), the purchase of new dwellings (up $28m, 3.8%) and the refinancing of established dwellings (up $1m, 0.0%). The seasonally adjusted series for the value of owner occupied commitments increased 1.9% in April 2009.

The total value of investment housing commitments (trend) rose 1.5% (up $73m) in April 2009 compared with March 2009, following a revised increase of 1.1% in March 2009. The rise in April was due to increases in commitments for the purchase of dwellings by individuals for rent or resale (up $57m, 1.3%) and the purchase of dwellings by others for rent or resale (up $28m, 6.7%), while a decrease was recorded for the construction of dwellings for rent or resale (down $11m, 3.5%). The seasonally adjusted series rose 8.9% in April 2009.

INVESTMENT HOUSING - TOTAL
Graph: INVESTMENT HOUSING - TOTAL



Number of Owner Occupied Dwellings Financed

The number of owner occupied housing commitments (trend) increased 2.2% (up 1,288) in April 2009 compared with March 2009, following a revised increase of 2.9% in March 2009. Increases were recorded in commitments for the purchase of established dwellings excluding refinancing (up 953, 2.7%), the construction of dwellings (up 270, 5.1%) and the purchase of new dwellings (up 78, 3.1%). The refinancing of established dwellings fell (down 14, 0.1%). The seasonally adjusted estimates for the total number of owner occupied housing commitments rose 0.9% in April 2009.

Graph: Number of Owner Occupied Dwellings Financed

The number of owner occupied housing commitments (trend) increased in all states and territories in April 2009 compared with March 2009: New South Wales (up 486, 2.7%), Queensland (up 277, 2.3%), Victoria (up 271, 2.0%), Western Australia (up 111, 1.6%), South Australia (up 61, 1.2%), the Australian Capital Territory (up 42, 3.8%), the Northern Territory (up 11, 2.3%) and Tasmania (up 7, 0.5%). The seasonally adjusted estimates increased in New South Wales, Western Australia, Northern Territory and Victoria, while all other states and territories recorded a decrease or no change.


First Home Buyer Commitments

In original terms, the number of first home buyer commitments as a percentage of total owner occupied housing finance commitments increased from 27.3% in March 2009 to 28.0% in April 2009. This is the highest proportion recorded since the series commenced in 1991. Between March and April 2009, the average loan size for first home buyers fell $2,500 to $283,400, the second highest average value in the series. This is in contrast to the average loan size for all owner occupied housing commitments which rose $1,500 to $264,700 for the same period.


Number of Owner Occupied Dwellings Financed Excluding Refinancing

The number of owner occupied housing commitments excluding refinancing (trend) rose 3.1% in April 2009 compared with March 2009, following a revised increase of 3.9% in March 2009. The seasonally adjusted series rose 1.1% in April 2009.

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 (trend) rose 5.1% in April 2009 compared with March 2009, following a revised increase of 6.2% in March 2009. The seasonally adjusted series rose 1.3% to 5,641, the highest level since January 2002.

Graph: Construction of dwellings


Purchase of new dwellings

The number of finance commitments for the purchase of new dwellings for owner occupation (trend) rose 3.1% in April 2009 compared with March 2009, following a revised increase of 4.2% in March 2009. The seasonally adjusted series fell 0.5% in April 2009.

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 (trend) rose 1.8% in April 2009 compared with March 2009, following a revised increase of 2.5% in March 2009. The seasonally adjusted series rose 0.9% in April 2009.

Graph: Purchase of established dwellings including refinancing


Refinancing

The number of refinancing commitments for owner occupied housing (trend) fell 0.1% in April 2009 compared with March 2009, following a revised increase of 0.4% in March 2009. The seasonally adjusted series rose 0.3% in April 2009.

Graph: Refinancing


TYPE OF LENDER (OWNER OCCUPATION)

Banks

The number of owner occupied dwellings financed by banks (trend) rose 2.2% in April 2009 compared with March 2009, after a revised increase of 3.0% in March 2009. The seasonally adjusted series rose 0.6% in April 2009.

Graph: Banks


Non-banks

The number of owner occupied dwellings financed by non-banks (trend) rose 1.8% in April 2009 compared with March 2009, after a revised increase of 2.1% in March 2009. The seasonally adjusted series for the number of owner occupied dwellings financed by non-banks increased 3.5% in April 2009. The number of commitments for owner occupied dwellings financed by wholesale lenders n.e.c. (trend) increased 0.9%. The seasonally adjusted series was unchanged.

Graph: Non-banks


HOUSING LOAN OUTSTANDINGS

At the end of April 2009, the value of outstanding housing loans financed by authorised deposit-taking institutions was $863,621m, up $10,589m (1.2%) from the March 2009 closing balance. Owner occupied housing loan outstandings financed by authorised deposit-taking institutions increased $8,628m (1.5%) to $598,632m and investment housing loans financed by authorised deposit-taking institutions increased $1,961m (0.7%) to $264,989m.

Bank housing loan outstandings increased $10,109m (1.2%) during April 2009 to reach a closing balance of $819,432m. Owner occupied housing loan outstandings of banks increased $8,270m (1.5%) to $562,146m and investment housing loan outstandings of banks increased $1,839m (0.7%) to $257,286m.