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5609.0 - Housing Finance, Australia, Feb 2010 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 12/04/2010   
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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 2.1% in February 2010 compared with January 2010, and the seasonally adjusted series decreased 3.4% in February 2010.

The total value of owner occupied housing commitments (trend) fell 3.1% (down $469m) in February 2010, following a decrease of 3.3% in January 2010. Decreases were recorded in commitments for the purchase of established dwellings (down $410m, 3.3%), the construction of dwellings (down $37m, 2.1%) and the purchase of new dwellings (down $22m, 3.1%). The seasonally adjusted series for the value of owner occupied commitments fell 4.4% in February 2010.

The total value of investment housing commitments (trend) rose 0.4% (up $28m) in February 2010 compared with January 2010, following an increase of 0.9% in January 2010. Increases were recorded in commitments for the purchase of dwellings by individuals for rent or resale (up $34m, 0.6%) and commitments for the purchase of dwellings by others for rent or resale (up $2m, 0.3%). A decrease was recorded for commitments for the construction of dwellings for rent or resale (down $8m, 1.9%). The value of investment housing commitments seasonally adjusted fell 1.1% in February 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 4.0% (down 2,138) in February 2010 compared with January 2010. Decreases were recorded in commitments for the purchase of established dwellings excluding refinancing (down 1,478, 4.9%), the refinancing of established dwellings (down 378, 2.7%), the construction of dwellings (down 196, 2.8%) and the purchase of new dwellings (down 86, 3.8%). The seasonally adjusted estimate for the total number of owner occupied housing commitments fell 1.8% in February 2010.

Graph: Number of Owner Occupied Dwellings Financed


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

Between January and February 2010, the number of owner occupied housing commitments (trend) decreased in: New South Wales (down 713, 4.6%), Queensland (down 522, 4.9%), Victoria (down 300, 2.2%), South Australia (down 230, 5.4%), Western Australia (down 204, 3.0%), Tasmania (down 54, 5.6%), the Australian Capital Territory (down 22, 2.1%) and the Northern Territory (down 7, 1.7%). The seasonally adjusted estimates decreased in all states and territories except Victoria (up 172, 1.3%), Western Australia (up 231, 3.7%) and the Northern Territory which remained unchanged.


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 20.5% in January 2010 to 18.1% in February 2010. Between January and February 2010, the average loan size for first home buyers fell $2,600 to $282,100. The average loan size for all owner occupied housing commitments fell $8,400 to $274,400 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 4.5% in February 2010 compared with January 2010, following a decrease of 4.7% in January 2010. The seasonally adjusted series fell 2.7% in February 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 2.8% in February 2010 compared with January 2010, following a decrease of 2.5% in January 2010. The seasonally adjusted series fell 3.0% in February 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 3.8% in February 2010 compared with January 2010, following a decrease of 3.9% in January 2010. The seasonally adjusted series rose 0.7% in February 2010, following a decrease of 12.7% in January 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 4.2% in February 2010 compared with January 2010, following a decrease of 4.7% in January 2010. The seasonally adjusted series fell 1.8% in February 2010.

Graph: Purchase of established dwellings including refinancing


Refinancing (Tables 1 & 2)

The number of refinancing commitments for owner occupied housing (trend) decreased 2.7% in February 2010 compared with January 2010, following a decrease of 3.3% in January 2010. The seasonally adjusted series rose 0.5% in February 2010.

Graph: Refinancing


TYPE OF LENDER (OWNER OCCUPATION)

Banks (Tables 3 & 4)

The number of owner occupied dwellings financed by banks (trend) decreased 4.2% in February 2010 compared with January 2010, after a decrease of 4.6% in January 2010. The seasonally adjusted series fell 0.7% in February 2010.

Graph: Banks


Non-banks (Tables 3 & 4)

The number of owner occupied dwellings financed by non-banks (trend) decreased 2.8% in February 2010 after a decrease of 2.8% in January 2010. The seasonally adjusted series for the number of owner occupied dwellings financed by non-banks decreased 9.4% in February 2010. The number of commitments for owner occupied dwellings financed by permanent building societies (trend) decreased 4.3%. The seasonally adjusted series decreased 6.3%.

Graph: Non-banks


HOUSING LOAN OUTSTANDINGS

(Table 12)

At the end of February 2010, the value of outstanding housing loans financed by authorised deposit-taking institutions was $973,754, up $8,733m (0.9%) from the January 2010 closing balance. Owner occupied housing loan outstandings financed by authorised deposit-taking institutions increased $5,278m (0.8%) to $681,256 and investment housing loans financed by authorised deposit-taking institutions increased $3,455m (1.2%) to $292,498m.

Bank housing loan outstandings increased $8,524 (0.9%) during February 2010 to reach a closing balance of $925,598m. Owner occupied housing loan outstandings of banks increased $6,090m (1.0%) to $642,321m and investment housing loan outstandings of banks increased $2,434m (0.9%) to $283,277m.


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