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5609.0 - Housing Finance, Australia, Jan 2009 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 11/03/2009   
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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 1.4% in January 2009 compared with December 2008. The seasonally adjusted series for the total value of dwelling finance commitments excluding alterations and additions increased 0.7% in January 2009.

The total value of owner occupied housing commitments (trend) rose 2.5% (up $331m) in January 2009, following a revised increase of 2.6% in December 2008. The increase this month was due to increases in the purchase of established dwellings excluding refinancing (up $184m, 2.3%), the refinancing of established dwellings (up $91m, 2.4%), the purchase of new dwellings (up $32m, 5.5%) and the construction of dwellings (up $24m, 2.3%). The seasonally adjusted series for the value of owner occupied commitments increased by 2.3% in January 2009.

The total value of investment housing commitments (trend) decreased 1.6% (down $82m) in January 2009 compared with December 2008, following a revised decrease of 1.8% in December 2008. The decrease this month was due to decreases in the purchase of dwellings by others for rent or resale (down $38m, 8.6%), the construction of dwellings for rent or resale (down $24m, 6.4%) and the purchase of dwellings by individuals for rent or resale (down $20m, 0.5%). The seasonally adjusted series for the total value of investment housing commitments decreased 3.8% in January 2009.

INVESTMENT HOUSING - TOTAL
Graph: INVESTMENT HOUSING - TOTAL



Number of Owner Occupied Dwellings Financed

The number of owner occupied housing commitments (trend) increased 2.4% (up 1,235) in January 2009 compared with December 2008, following a revised increase of 2.4% in December 2008. Increases were recorded in the purchase of established dwellings excluding refinancing (up 758, 2.5%), the refinancing of established dwellings (up 279, 1.7%), the purchase of new dwellings (up 110, 5.2%) and the construction of dwellings (up 88, 2.1%). The seasonally adjusted estimates for the total number of owner occupied housing commitments rose 3.5% in January 2009.

The number of owner occupied housing commitments (trend) increased in all states and territories in January 2009 compared with December 2008: New South Wales (up 453, 2.9%), Queensland (up 306, 2.8%), South Australia (up 187, 4.0%), Victoria (up 171, 1.4%), Western Australia (up 54, 0.8%), Tasmania (up 42, 3.7%), the Australian Capital Territory (up 26, 2.9%) and the Northern Territory (up 13, 3.0%). The seasonally adjusted estimates increased in all states and territories, except in New South Wales and the Australian Capital Territory which recorded decreases.

In original terms, the number of first home buyer commitments as a percentage of total owner occupied housing finance commitments increased from 25.7% in December 2008 to 26.5% in January 2009. This is the highest level recorded since the series commenced in 1991. The number of fixed rate loan commitments as a percentage of total owner occupied housing finance commitments increased from 1.9% in December 2008 to 3.8% in January 2009. The average loan size for owner occupied housing commitments fell from $256,700 in December 2008 to $251,100 in January 2009.

Graph: Number of Owner Occupied Dwellings Financed


Number of Owner Occupied Dwellings Financed Excluding Refinancing

The number of owner occupied housing commitments excluding refinancing (trend) rose 2.6% in January 2009 compared with December 2008, following an increase of 2.8% in December 2008. The seasonally adjusted series rose 5.6% in January 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 2.1% in January 2009 compared with December 2008, following a revised increase of 2.0% in December 2008. The seasonally adjusted series rose 2.5%.

Graph: Construction of dwellings


Purchase of new dwellings

The number of finance commitments for the purchase of new dwellings for owner occupation (trend) rose 5.2% in January 2009 compared with December 2008, following a revised increase of 5.8% in December 2008. The seasonally adjusted series fell 1.4% 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 2.2% in January 2009 compared with December 2008, following a revised increase of 2.3% in December 2008. The seasonally adjusted series rose 3.9% in January 2009.

Graph: Purchase of established dwellings including refinancing


Refinancing

The number of refinancing commitments for owner occupied housing (trend) rose 1.7% in January 2009 compared with December 2008, following a revised increase of 1.5% in December 2008. The seasonally adjusted series fell 1.0% in January 2009.

Graph: Refinancing


TYPE OF LENDER (OWNER OCCUPATION)

Banks

The number of owner occupied dwellings financed by banks (trend) rose 2.6% in January 2009 compared with December 2008, after a revised increase of 2.7% in December 2008. The seasonally adjusted series rose 4.1% in January 2009.

Graph: Banks


Non-banks

The number of owner occupied dwellings financed by non-banks (trend) rose 0.7% in January 2009 compared with December 2008, after a revised increase of 0.1% in December 2008. The seasonally adjusted series in the number of owner occupied dwellings financed by non-banks decreased 0.9% in January 2009. The number of commitments for owner occupied dwellings financed by wholesale lenders n.e.c. (trend) decreased 0.1%, the twentieth consecutive monthly decrease. The seasonally adjusted series increased 0.3%.

Graph: Non-banks


HOUSING LOAN OUTSTANDINGS

At the end of January 2009, the value of outstanding housing loans financed by authorised deposit-taking institutions was $829,831m, up $8,992m (1.1%) from the December 2008 closing balance. Owner occupied housing loans financed by authorised deposit-taking institutions increased $7,582m (1.3%) to $570,674m and investment housing loans financed by authorised deposit-taking institutions increased $1,410m (0.5%) to $259,157m.

Bank loans increased $8,689m (1.1%) during January 2009 to reach a closing balance of $786,831m. Owner occupied housing loans of banks increased $7,323m (1.4%) to $535,077m and investment housing loans increased $1,366m (0.5%) to $251,754m.


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