5609.0 - Housing Finance, Australia, Apr 2010 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 09/06/2010   
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SUMMARY OF FINDINGS


DWELLINGS FINANCED

Value of Dwellings Financed (Tables 11, 1 & 2)

The total value of dwelling commitments excluding alterations and additions (trend) decreased 0.8% in April 2010 compared with March 2010 and the seasonally adjusted series increased 0.8% in April 2010.

The total value of owner occupied housing commitments (trend) fell 2.4% (down $327m) in April 2010, following a decrease of 3.3% in March 2010. Decreases were recorded in commitments for the purchase of established dwellings (down $249m, 2.1%), the construction of dwellings (down $70m, 4.7%) and the purchase of new dwellings (down $8m, 1.2%). The seasonally adjusted series for the value of owner occupied commitments rose 0.6% in April 2010, after falling in each of the previous six months.

The total value of investment housing commitments (trend) rose 2.0% (up $156m) in April 2010 compared with March 2010, following increases of 2.0% or more in each of the previous four months. Increases were recorded in commitments for the purchase of dwellings by individuals for rent or resale (up $122m, 1.9%), commitments for the purchase of dwellings by others for rent or resale (up $25m, 3.3%) and commitments for the construction of dwellings for rent or resale (up $9m, 2.2%). The value of investment housing commitments seasonally adjusted rose 1.3% in April 2010.

INVESTMENT HOUSING - TOTAL
Graph: INVESTMENT HOUSING - TOTAL



Number of Owner Occupied Dwellings Financed (Tables 1 & 2)

The number of owner occupied housing commitments (trend) fell 2.8% (down 1,341) in April 2010 compared with March 2010. Decreases were recorded in commitments for the purchase of established dwellings excluding refinancing (down 732, 2.7%), the construction of dwellings (down 301, 5.1%), the refinancing of established dwellings (down 285, 2.2%) and the purchase of new dwellings (down 23, 1.0%). The seasonally adjusted estimate for the total number of owner occupied housing commitments fell 1.8% in April 2010 to the lowest level since April 2001.

Graph: Number of Owner Occupied Dwellings Financed


Number of Owner Occupied Dwellings Financed - State (Tables 5 & 6)

Between March and April 2010, the number of owner occupied housing commitments (trend) decreased in all states: New South Wales (down 385, 2.8%), Queensland (down 325, 3.4%), Western Australia (down 202, 3.3%), Victoria (down 197, 1.5%), South Australia (down 121, 3.2%), Tasmania (down 31, 3.5%), Australian Capital Territory (down 20, 2.0%) and Northern Territory (down 15, 3.9%). The seasonally adjusted estimates decreased in all states and territories except South Australia (up 142, 3.8%), New South Wales (up 58, 0.4%) and Tasmania (up 23, 2.6%).


First Home Buyer Commitments (Table 9)

In original terms, the number of first home buyer commitments as a percentage of total owner occupied housing finance commitments increased from 15.9% in March 2010 to 16.3% in April 2010. Between March and April 2010, the average loan size for first home buyers rose $5,100 to $290,100. The average loan size for all owner occupied housing commitments rose $6,000 to $286,900 for the same period.


Number of Owner Occupied Dwellings Financed Excluding Refinancing (Tables 1 & 2)

The number of owner occupied housing commitments excluding refinancing (trend) fell 3.0% in April 2010 compared with March 2010, following a decrease of 4.2% in March 2010. The seasonally adjusted series fell 0.5% in April 2010.

Graph: Number of owner occupied dwellings financed excluding refinancing


PURPOSE OF FINANCE (OWNER OCCUPATION)

Construction of dwellings (Tables 1 & 2)

The number of finance commitments for the construction of dwellings for owner occupation (trend) decreased 5.1% in April 2010 compared with March 2010, following a decrease of 5.4% in March 2010. The seasonally adjusted series fell 4.8% in April 2010.

Graph: Construction of dwellings


Purchase of new dwellings (Tables 1 & 2)

The number of finance commitments for the purchase of new dwellings for owner occupation (trend) decreased 1.0% in April 2010 compared with March 2010, following a decrease of 2.0% in March 2010. The seasonally adjusted series rose 6.3% in April 2010.

Graph: Purchase of new dwellings


Purchase of established dwellings (including refinancing across lending institutions) (Tables 1 & 2)

The number of finance commitments for the purchase of established dwellings for owner occupation (trend) decreased 2.5% in April 2010 compared with March 2010, following a decrease of 3.7% in March 2010. The seasonally adjusted series fell 1.8% in April 2010.

Graph: Purchase of established dwellings including refinancing


Refinancing (Tables 1 & 2)

The number of refinancing commitments for owner occupied housing (trend) decreased 2.2% in April 2010 compared with March 2010, following a decrease of 2.8% in March 2010. The seasonally adjusted series fell 5.3% in April 2010.

Graph: Refinancing


TYPE OF LENDER (OWNER OCCUPATION)

Banks (Tables 3 & 4)

The number of owner occupied dwellings financed by banks (trend) decreased 2.7% in April 2010 compared with March 2010, after a decrease of 3.8% in March 2010. The seasonally adjusted series fell 2.5% in April 2010.

Graph: Banks


Non-banks (Tables 3 & 4)

The number of owner occupied dwellings financed by non-banks (trend) decreased 3.1% in April 2010 after a decrease of 4.0% in March 2010. The seasonally adjusted series for the number of owner occupied dwellings financed by non-banks rose 3.6% in April 2010. The number of commitments for owner occupied dwellings financed by permanent building societies (trend) increased 1.5%. The seasonally adjusted series increased 7.8% in April 2010 after increasing 7.5% in March 2010.

Graph: Non-banks


HOUSING LOAN OUTSTANDINGS

(Table 12)

At the end of April 2010, the value of outstanding housing loans financed by authorised deposit-taking institutions (ADIs) was $987,439m, up $4,008m (0.4%) from the March 2010 closing balance. Owner occupied housing loan outstandings financed by ADIs increased $2,590m (0.4%) to $690,159m and investment housing loans financed by ADIs increased $1,418m (0.5%) to $297,280m.

Bank housing loan outstandings increased $3,604m (0.4%) during April 2010 to reach a closing balance of $938,812m. Owner occupied housing loan outstandings of banks increased $2,207m (0.3%) to $650,783m and investment housing loan outstandings of banks increased $1,397m (0.5%) to $288,029m.