5609.0 - Housing Finance, Australia, Feb 2012 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 11/04/2012   
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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 0.1% in February 2012 compared with January 2012, while the seasonally adjusted series fell 1.3% in February 2012.

The total value of owner occupied housing commitments (trend) was flat (down $4m, 0.0%) in February 2012 after a rise of 0.1% in January 2012. The purchase of established dwellings was flat (down $5m, 0.0%), while the purchase of new dwellings fell ($10m, 1.7%) and the construction of dwellings rose ($12m, 0.8%). The seasonally adjusted series for the value of owner occupied housing commitments fell 4.0% in February 2012.

The total value of investment housing commitments (trend) rose ($25m, 0.4%) in February 2012 compared with January 2012. Rises were recorded in commitments for the purchase of dwellings by individuals for rent or resale (up $30m, 0.5%) and the construction of dwellings for rent or resale (up $1m, 0.2%), while the purchase of dwellings by others for rent or resale fell ($6m, 1.1%). The value of investment housing commitments seasonally adjusted rose 4.4% in February 2012.

INVESTMENT HOUSING - TOTAL
Graph: INVESTMENT HOUSING - TOTAL



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

The number of owner occupied housing commitments (trend) was flat (down 10, 0.0%) in February 2012, after a rise of 0.2% in January 2012. Falls were recorded in commitments for the purchase of new dwellings (down 43, 2.2%) and the purchase of established dwellings excluding refinancing (down 119, 0.5%), while rises were recorded in commitments for the refinancing of established dwellings (up 105, 0.6%) and the construction of dwellings (up 48, 1.0%). The seasonally adjusted estimate for the total number of owner occupied housing commitments fell (1,168, 2.5%) in February 2012.

Graph: Number of Owner Occupied Dwellings Financed


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

Between February 2012 and January 2012, the number of owner occupied housing commitments (trend) fell in New South Wales (down 136, 0.9%), South Australia (down 8, 0.3%), Tasmania (down 6, 0.7%) and the Northern Territory (down 1, 0.2%), while rises were recorded in Queensland (up 118, 1.4%), Western Australia (up 94, 1.4%), Victoria (up 50, 0.4%), and the Australian Capital Territory (up 9, 1.1%). The seasonally adjusted estimates fell in New South Wales (down 1,377, 9.4%), Queensland (down 94, 1.1%), Tasmania (down 47, 5.3%), the Australian Capital Territory (down 15, 1.7%) and the Northern Territory (down 1, 0.4%), while rises were recorded in South Australia (up 61, 2.0%), Western Australia (up 50, 0.8%) and Victoria (up 33, 0.3%).


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 fell to 17.2% in February 2012 from 20.3% in January 2012. Between February 2012 and January 2012, the average loan size for first home buyers fell $3,300 to $277,600. The average loan size for all owner occupied housing commitments fell $8,700 to $282,800 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 0.4% in February 2012, after being flat (0.0%) in January 2012. This is the first fall in this series since March 2011. The seasonally adjusted series fell 4.2% in February 2012.

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) rose 1.0% in February 2012 compared with January 2012, following a rise of 1.0% in January 2012. The seasonally adjusted series rose 3.1% in February 2012, following a rise of 0.3% in January 2012.

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 2.2% in February 2012 compared with January 2012. The seasonally adjusted series fell 10.4% in February 2012, following a fall of 6.3% in January 2012.

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) was flat (0.0%) in February 2012 compared with January 2012, after a rise of 0.2% in January 2012. The seasonally adjusted series fell 2.8% in February 2012 following a fall of 1.0% in January 2012.

Graph: Purchase of established dwellings including refinancing


Refinancing (Tables 1 & 2)

The number of refinancing commitments for owner occupied housing (trend) rose 0.6% in February 2012 compared with January 2012, following a rise of 0.7% in January 2012. The seasonally adjusted series rose 0.7% in February 2012, following a rise of 1.7% in January 2012.

Graph: Refinancing


TYPE OF LENDER (OWNER OCCUPATION)

Banks (Tables 3 & 4)

The number of commitments for owner occupied dwellings financed by banks (trend) was flat (0.0%) in February 2012 compared with January 2012, after a rise of 0.3% in January 2012. The seasonally adjusted series fell 2.6% in February 2012.

Graph: Banks


Non-banks (Tables 3 & 4)

The number of commitments for owner occupied dwellings financed by non-banks (trend) fell 0.5% in February 2012, following a fall of 0.4% in January 2012. The seasonally adjusted series fell 1.1% in February 2012, following a fall of 3.7% in January 2012. The number of commitments for owner occupied dwellings financed by permanent building societies (trend) fell 7.9% in February 2012. The seasonally adjusted series rose 3.2% in February 2012, after a fall of 23.7% in January 2012.

Graph: Non-banks


HOUSING LOAN OUTSTANDINGS

(Table 12)

At the end of February 2012, the value of outstanding housing loans financed by authorised deposit-taking institutions (ADIs) was $1,143,361m, up $5,654m (0.5%) from the January 2012 closing balance. Owner occupied housing loan outstandings financed by ADIs rose $3,738m (0.5%) to $771,729m and investment housing loans financed by ADIs rose $1,916m (0.5%) to $371,632m.

Bank housing loan outstandings rose $6,219m (0.6%) during February 2012 to reach a closing balance of $1,091,455m. Owner occupied housing loan outstandings of banks rose $4,267m (0.6%) to $729,282m and investment housing loan outstandings of banks rose $1,952m (0.5%) to $362,173m.