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5609.0 - Housing Finance, Australia, Dec 2009 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 10/02/2010   
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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 0.7% in December 2009 compared with November 2009, while the seasonally adjusted series decreased 2.8% in December 2009.

The total value of owner occupied housing commitments (trend) fell (down $235m, 1.4%) in December 2009, following a decrease of 1.4% in November 2009. The decreases in commitments for the purchase of established dwellings (down $250m, 1.8%) and the purchase of new dwellings (down $3m, 0.3% ) were slightly offset by an increase in commitments for the construction of dwellings (up $17m, 1.0%). The seasonally adjusted series for the value of owner occupied commitments fell 4.7% in December 2009.

The total value of investment housing commitments (trend) rose 1.1% (up $68m) in December 2009 compared with November 2009, following an increase of 1.2% in November 2009. Increases were recorded in commitments for the purchase of dwellings by individuals for rent or resale (up $49m, 0.9%), the construction of dwellings for rent or resale (up $10m, 2.6%) and the purchase of dwellings by others for rent or resale (up $10m, 1.5%). The value of investment housing commitments seasonally adjusted rose 1.9% in December 2009.

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 (down 1,379, 2.3%) in December 2009 compared with November 2009. Decreases were recorded in commitments for the purchase of established dwellings excluding refinancing (down 1,071, 3.1%), the refinancing of established dwellings (down 316, 2.1%) and the purchase of new dwellings (down 35, 1.4%). An increase was recorded for the construction of dwellings (up 43, 0.6%). The seasonally adjusted estimate for the total number of owner occupied housing commitments fell 5.5% in December 2009.

Graph: Number of Owner Occupied Dwellings Financed


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

Between November and December 2009, the number of owner occupied housing commitments (trend) decreased in: New South Wales (down 521, 3.0%), Queensland (down 379, 3.1%), Victoria (down 207, 1.4%), South Australia (down 171, 3.5%), Tasmania (down 40, 3.5%), Western Australia (down 18, 0.2%) and the Northern Territory (down 16, 3.6%). A small increase was recorded for the Australian Capital Territory (up 2, 0.2%). The seasonally adjusted estimates decreased in all states and territories except the Australian Capital Territory (up 5, 0.5%).


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 decreased from 22.1% in November 2009 to 21.0% in December 2009. Between November and December 2009, the average loan size for first home buyers rose $6,200 to $290,100. The average loan size for all owner occupied housing commitments rose $3,100 to $283,000 for the same period. Both of these average loan sizes are the highest on record.


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

The number of owner occupied housing commitments excluding refinancing (trend) fell 2.4% in December 2009 compared with November 2009, following a decrease of 2.3% in November 2009. The seasonally adjusted series fell 6.2% in December 2009.

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) increased 0.6% in December 2009 compared with November 2009, following an increase of 1.4% in November 2009. The seasonally adjusted series fell 6.4% in December 2009.

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 1.4% in December 2009 compared with November 2009, following a decrease of 1.5% in November 2009. The seasonally adjusted series rose 3.0% in December 2009.

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 2.8% in December 2009 compared with November 2009, following a decrease of 2.9% in November 2009. The seasonally adjusted series fell 5.7% in December 2009.

Graph: Purchase of established dwellings including refinancing


Refinancing (Tables 1 & 2)

The number of refinancing commitments for owner occupied housing (trend) decreased 2.1% in December 2009 compared with November 2009, following a decrease of 2.4% in November 2009. The seasonally adjusted series fell 3.2% in December 2009.

Graph: Refinancing


TYPE OF LENDER (OWNER OCCUPATION)

Banks (Tables 3 & 4)

The number of owner occupied dwellings financed by banks (trend) decreased 2.6% in December 2009 compared with November 2009, after a decrease of 2.5% in November 2009. The seasonally adjusted series fell 6.6% in December 2009.

Graph: Banks


Non-banks (Tables 3 & 4)

The number of owner occupied dwellings financed by non-banks (trend) fell 0.5% in December 2009 compared with November 2009, after a decrease of 0.6% in November 2009. The seasonally adjusted series for the number of owner occupied dwellings financed by non-banks increased 3.5% in December 2009. The number of commitments for owner occupied dwellings financed by permanent building societies (trend) decreased 7.1%. The seasonally adjusted series decreased 4.3%.

Graph: Non-banks


HOUSING LOAN OUTSTANDINGS

(Table 12)

At the end of December 2009, the value of outstanding housing loans financed by authorised deposit-taking institutions was $957,753m, up $10,664m (1.1%) from the November 2009 closing balance. Owner occupied housing loan outstandings financed by authorised deposit-taking institutions increased $7,748m (1.2%) to $670,693m and investment housing loans financed by authorised deposit-taking institutions increased $2,916m (1.0%) to $287,060m.

Bank housing loan outstandings increased $10,206m (1.1%) during December 2009 to reach a closing balance of $910,128m. Owner occupied housing loan outstandings of banks increased $7,343m (1.2%) to $631,191m and investment housing loan outstandings of banks increased $2,863m (1.0%) to $278,937m.


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