5609.0 - Housing Finance, Australia, Dec 2011 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 13/02/2012   
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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) rose 0.8% in December 2011 compared with November 2011 and the seasonally adjusted series rose 3.8% in December 2011.

The total value of owner occupied housing commitments (trend) rose 0.7% (up $97m) in December 2011, following a rise of 0.7% in November 2011. A rise was recorded in commitments for the purchase of established dwellings (up $96m, 0.8%), construction of dwellings (up $1m, 0.1%) and the purchase of new dwellings (up $0m, 0.1%). The seasonally adjusted series for the value of owner occupied housing commitments rose 2.0% in December 2011.

The total value of investment housing commitments (trend) rose (0.9%, up $62m) in December 2011 compared with November 2011. Rises were recorded in commitments for the purchase of dwellings by individuals for rent or resale (up $55m,1.0%), the construction of dwellings for rent or resale (up $5m, 1.0%) and the purchase of dwellings by others for rent or resale (up $2m, 0.3%). The value of investment housing commitments seasonally adjusted rose 7.5% in December 2011.

INVESTMENT HOUSING - TOTAL
Graph: INVESTMENT HOUSING - TOTAL



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

The number of owner occupied housing commitments (trend) rose (up 499, 1.1%) in December 2011 compared with November 2011. Rises were recorded in commitments for the purchase of established dwellings excluding refinancing (up 442, 1.8%), the purchase of new dwellings (up 15, 0.7%) and the refinancing of established dwellings (up 48, 0.3%), while a fall was recorded in commitments for the construction of dwellings (down 7, 0.1%). The seasonally adjusted estimate for the total number of owner occupied housing commitments rose (up 1070, 2.3%) in December 2011.

Graph: Number of Owner Occupied Dwellings Financed


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

Between November 2011 and December 2011, the number of owner occupied housing commitments (trend) rose in New South Wales (up 410, 2.7%), Queensland (up 104, 1.2%), Western Australia (up 50, 0.8%), the Australian Capital Territory (up 12, 1.4%) and the Northern Territory (up 6, 1.8%), while falls were recorded in Victoria (down 34, 0.3%), South Australia (down 15, 0.5%), and Tasmania (down 4, 0.5%). The seasonally adjusted estimates rose in New South Wales (up 917, 6.1%), Queensland (up 571, 6.9%), Victoria (up 160, 1.3%), Western Australia (up 78, 1.3%), the Australian Capital Territory (up 34, 3.9%) and the Northern Territory (up 28, 8.7%), while falls were recorded in South Australia (down 90, 2.8%) and Tasmania (down 39, 4.3%).


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 rose to 20.9% in December 2011 from 20.0% in November 2011. Between November 2011 and December 2011, the average loan size for first home buyers rose $700 to $283,100. The average loan size for all owner occupied housing commitments fell $700 to $294,100 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) rose 1.4% in December 2011 compared with November 2011, following a rise of 1.6% in November 2011. The seasonally adjusted series rose 2.3% in December 2011.

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) fell 0.1% in December 2011 compared with November 2011, following a fall of 0.4% in November 2011. The seasonally adjusted series rose 2.0% in December 2011, after a fall of 0.2% in November 2011.

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) rose 0.7% in December 2011 compared with November 2011, following a rise of 0.6% in November 2011. The seasonally adjusted series rose 2.1% in December 2011, following a rise of 4.0% in November 2011.

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) rose 1.2% in December 2011 compared with November 2011, following a rise of 1.4% in November 2011. The seasonally adjusted series rose 2.3% in December 2011 following a rise of 1.9% in November 2011.

Graph: Purchase of established dwellings including refinancing


Refinancing (Tables 1 & 2)

The number of refinancing commitments for owner occupied housing (trend) rose 0.3% in December 2011 compared with November 2011, after a rise of 0.4% in November 2011 and a rise of 0.6% in October 2011. The seasonally adjusted series rose by 2.3% in December 2011, after a fall of 0.9% in November 2011.

Graph: Refinancing


TYPE OF LENDER (OWNER OCCUPATION)

Banks (Tables 3 & 4)

The number of commitments for owner occupied dwellings financed by banks (trend) rose 1.0% in December 2011 compared with November 2011, following a rise of 1.2% in November 2011 and a rise of 1.3% in October 2011. The seasonally adjusted series rose 3.2% in December 2011.

Graph: Banks


Non-banks (Tables 3 & 4)

The number of commitments for owner occupied dwellings financed by non-banks (trend) rose 1.1% in December 2011, after a rise of 1.2% in November 2011. The seasonally adjusted series fell 4.8% in December 2011, after a rise of 7.3% in November. The number of commitments for owner occupied dwellings financed by permanent building societies (trend) rose 1.2% in December 2011. The seasonally adjusted series fell 26.1% in December 2011, after a rise of 27.3% in November.

Graph: Non-banks


HOUSING LOAN OUTSTANDINGS

(Table 12)

At the end of December 2011, the value of outstanding housing loans financed by authorised deposit-taking institutions (ADIs) was $1,131,855m, up $7,098m (0.6%) from the November 2011 closing balance. Owner occupied housing loan outstandings financed by ADIs rose $4,800m (0.6%) to $763,711m and investment housing loans financed by ADIs rose $2,298m (0.6%) to $368,144m.

Bank housing loan outstandings rose $10,842m (1.0%) during December 2011 to reach a closing balance of $1,079,627m. Owner occupied housing loan outstandings of banks rose $7,394m (1.0%) to $720,945m and investment housing loan outstandings of banks rose $3,448m (1.0%) to $358,682m.