5609.0 - Housing Finance, Australia, Feb 2011 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 06/04/2011   
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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) fell 1.0% in February 2011 compared with January 2011 and the seasonally adjusted series fell 4.0% in February 2011.

The total value of owner occupied housing commitments (trend) fell 1.0% (down $138m) in February 2011, following a fall of 0.7% in January 2011. Falls were recorded in commitments for the purchase of established dwellings (down $100m, 0.8%), the purchase of new dwellings (down $26m, 3.5%) and the construction of dwellings (down $13m, 1.0%). The seasonally adjusted series for the value of owner occupied commitments fell 4.8% in February 2011.

The total value of investment housing commitments (trend) fell 1.0% (down $66m) in February 2011 compared with January 2011, following a fall of 1.1% in January 2011. Falls were recorded in commitments for the purchase of dwellings by individuals for rent or resale (down $42m, 0.8%) and the construction of dwellings for rent or resale (down $25m, 6.4%), while commitments for the purchase of dwellings by others for rent or resale rose (up $1m, 0.2%). The value of investment housing commitments seasonally adjusted fell 2.3% in February 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) fell (down 634, 1.3%) in February 2011 compared with January 2011. Falls were recorded in commitments for the purchase of established dwellings excluding refinancing (down 451, 1.7%), the purchase of new dwellings (down 103, 4.9%), the construction of dwellings (down 66, 1.4%) and the refinancing of established dwellings (down 14, 0.1%). The seasonally adjusted estimate for the total number of owner occupied housing commitments fell 5.6% in February 2011.

Graph: Number of Owner Occupied Dwellings Financed


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

Between January 2011 and February 2011, the number of owner occupied housing commitments (trend) fell in Queensland (down 205, 2.3%), New South Wales (down 112, 0.7%), Victoria (down 91, 0.7%), Western Australia (down 25, 0.5%), South Australia (down 21, 0.6%), the Northern Territory (down 4, 1.3%) and the Australian Capital Territory (down 3, 0.3%), while Tasmania was flat (0.0%). The seasonally adjusted estimates fell in all states. NSW had the largest fall, down 1,544 (10.1%). This is the largest fall in percentage terms since February 1997.


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 fell from 15.2% in January 2011 to 14.9% in February 2011, the lowest level since June 2004. Between January 2011 and February 2011, the average loan size for first home buyers rose $2,700 to $277,000. The average loan size for all owner occupied housing commitments fell $2,200 to $281,500 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 1.9% in February 2011 compared with January 2011, following a fall of 1.6% in January 2011. The seasonally adjusted series fell 3.8% in February 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 1.4% in February 2011 compared with January 2011, following a fall of 1.2% in January 2011. The seasonally adjusted series rose 1.0% in February 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) fell 4.9% in February 2011 compared with January 2011, following a fall of 4.4% in January 2011. The seasonally adjusted series fell 12.0% in February 2011, following falls of more than 10% in each of the two previous months.

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) fell 1.1% in February 2011 compared with January 2011, following a fall of 0.8% in January 2011. The seasonally adjusted series fell 6.0% in February 2011.

Graph: Purchase of established dwellings including refinancing


Refinancing (Tables 1 & 2)

The number of refinancing commitments for owner occupied housing (trend) fell 0.1% in February 2011 compared with January 2011, after a rise of 0.4% in January 2011. The seasonally adjusted series fell 9.3% in February 2011.

Graph: Refinancing


TYPE OF LENDER (OWNER OCCUPATION)

Banks (Tables 3 & 4)

The number of commitments for owner occupied dwellings financed by banks (trend) fell 1.2% in February 2011 compared with January 2011, following a fall of 1.0% in January 2011. The seasonally adjusted series fell 4.7% in February 2011.

Graph: Banks


Non-banks (Tables 3 & 4)

The number of commitments for owner occupied dwellings financed by non-banks (trend) fell 1.6% in February 2011, following a fall of 0.7% in January 2011. The seasonally adjusted series fell 11.1% in February 2011. The number of commitments for owner occupied dwellings financed by permanent building societies (trend) fell 0.6%. The seasonally adjusted series fell 21.5% in February 2011, the largest fall since November 1996.

Graph: Non-banks


HOUSING LOAN OUTSTANDINGS

(Table 12)

At the end of February 2011, the value of outstanding housing loans financed by authorised deposit-taking institutions (ADIs) was $1,062,822m, up $5,513m (0.5%) from the January 2011 closing balance. Owner occupied housing loan outstandings financed by ADIs rose $4,306m (0.6%) to $742,346m and investment housing loans financed by ADIs rose $1,207m (0.4%) to $320,476m.

Bank housing loan outstandings rose $5,076m (0.5%) during February 2011 to reach a closing balance of $1,009,973m. Owner occupied housing loan outstandings of banks rose $3,946m (0.6%) to $699,859m and investment housing loan outstandings of banks rose $1,130m (0.4%) to $310,114m.