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5609.0 - Housing Finance, Australia, Feb 2009 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 08/04/2009   
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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 1.7% in February 2009 compared with January 2009, while the seasonally adjusted series increased 1.3% in February 2009.

The total value of owner occupied housing commitments (trend) rose 2.8% (up $391m) in February 2009, following a revised increase of 3.2% in January 2009. The increase this month was due to increases in the purchase of established dwellings excluding refinancing (up $282m, 3.4%), the refinancing of established dwellings (up $42m, 1.1%), the value of the construction of dwellings (up $36m, 3.2%) and the purchase of new dwellings (up $31m, 4.8%). The seasonally adjusted series for the value of owner occupied commitments increased by 2.7% in February 2009.

The total value of investment housing commitments (trend) fell 1.5% (down $75m) in February 2009 compared with January 2009, following a revised fall of 2.1% in January 2009. This was due to falls in the purchase of dwellings by others for rent or resale (down $35m, 9.4%), the purchase of dwellings by individuals for rent or resale (down $31m, 0.7%) and the construction of dwellings for rent or resale (down $9m, 2.5%). The seasonally adjusted series fell 2.8% in February 2009.

INVESTMENT HOUSING - TOTAL
Graph: INVESTMENT HOUSING - TOTAL



Number of Owner Occupied Dwellings Financed

The number of owner occupied housing commitments (trend) increased 2.5% (up 1,363) in February 2009 compared with January 2009, following a revised increase of 2.8% in January 2009. Increases were recorded in the purchase of established dwellings excluding refinancing (up 1,011, 3.2%), the refinancing of established dwellings (up 132, 0.8%), the construction of dwellings (up 118, 2.7%) and the purchase of new dwellings (up 101, 4.5%). The seasonally adjusted estimates for the total number of owner occupied housing commitments rose 0.4% in January 2009.

Graph: Number of Owner Occupied Dwellings Financed

The number of owner occupied housing commitments (trend) increased in all states and territories in February 2009 compared with January 2009: New South Wales (up 546, 3.3%), Queensland (up 261, 2.3%), Victoria (up 194, 1.6%), South Australia (up 175, 3.6%), Western Australia (up 89, 1.4%), Tasmania (up 44, 3.6%), the Australian Capital Territory (up 40, 4.2%) and the Northern Territory (up 9, 2.0%).

The seasonally adjusted estimates increased in New South Wales, Victoria, Tasmania and the Australian Capital Territory while all other states and territories recorded decreases.


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 26.5% in January 2009 to 26.9% in February 2009. This is the highest level recorded since the series commenced in 1991. Since the introduction of the First Home Buyers Boost in October 2008 the average loan size for first home buyers has risen from $264,500 to $280,600. The average loan size for all owner occupied housing commitments fell from $255,900 to $253,200 for the same period .


Number of Owner Occupied Dwellings Financed Excluding Refinancing

The number of owner occupied housing commitments excluding refinancing (trend) rose 3.2% in February 2009 compared with January 2009, following an increase of 3.6% in January 2009. The seasonally adjusted series rose 3.2% in February 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 2.7% in February 2009 compared with January 2009, following a revised increase of 2.9% in January 2009. The seasonally adjusted series rose 2.6%.

Graph: Construction of dwellings


Purchase of new dwellings

The number of finance commitments for the purchase of new dwellings for owner occupation (trend) rose 4.5% in February 2009 compared with January 2009, following a revised increase of 5.6% in January 2009. The seasonally adjusted series rose 4.2% in January 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 2.4% in February 2009 compared with January 2009, following a revised increase of 2.7% in January 2009. The seasonally adjusted series remained unchanged in February 2009.

Graph: Purchase of established dwellings including refinancing


Refinancing

The number of refinancing commitments for owner occupied housing (trend) rose 0.8% in February 2009 compared with January 2009, following a revised increase of 1.0% in January 2009. The seasonally adjusted series fell 6.1% in February 2009.

Graph: Refinancing


TYPE OF LENDER (OWNER OCCUPATION)

Banks

The number of owner occupied dwellings financed by banks (trend) rose 2.7% in February 2009 compared with January 2009, after a revised increase of 3.1% in January 2009. The seasonally adjusted series rose 0.4% in February 2009.

Graph: Banks


Non-banks

The number of owner occupied dwellings financed by non-banks (trend) rose 0.7% in February 2009 compared with January 2009, after a revised increase of 0.7% in January 2009. The seasonally adjusted series for the number of owner occupied dwellings financed by non-banks increased 0.3% February 2009. The number of commitments for owner occupied dwellings financed by wholesale lenders n.e.c. (trend) remained unchanged. The seasonally adjusted series decreased 3.5%.

Graph: Non-banks


HOUSING LOAN OUTSTANDINGS

At the end of February 2009, the value of outstanding housing loans financed by authorised deposit-taking institutions was $840,392m, up $10,563m (1.3%) from the January 2009 closing balance. Owner occupied housing loans financed by authorised deposit-taking institutions increased $9,604m (1.7%) to $580,278m and investment housing loans financed by authorised deposit-taking institutions increased $959m (0.4%) to $260,114m.

Bank loans increased $10,159m (1.3%) during February 2009 to reach a closing balance of $796,988m. Owner occupied housing loans of banks increased $9,212m (1.7%) to $544,289m and investment housing loans increased $947m (0.4%) to $252,699m.


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