5609.0 - Housing Finance, Australia, Jan 2011 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 09/03/2011   
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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) rose 0.2% in January 2011 compared with December 2010, while the seasonally adjusted series fell 5.3% in January 2011.

The total value of owner occupied housing commitments (trend) rose 0.4% (up $60m) in January 2011, following a rise of 0.8% in December 2010. Rises were recorded in commitments for the purchase of established dwellings (up $61m, 0.5%) and the purchase of new dwellings (up $5m, 0.5%), while commitments for the construction of dwellings fell (down $6m, 0.5%). The seasonally adjusted series for the value of owner occupied commitments fell 4.6% in January 2011.

The total value of investment housing commitments (trend) fell 0.4% (down $28m) in January 2011 compared with December 2010, following a fall of 0.4% in December 2010. Falls were recorded in commitments for the purchase of dwellings by individuals for rent or resale (down $14m, 0.3%), the construction of dwellings for rent or resale (down $11m, 2.5%) and the purchase of dwellings by others for rent or resale (down $3m, 0.5%). The value of investment housing commitments seasonally adjusted fell 6.8% in January 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) rose (up 204, 0.4%) in January 2011 compared with December 2010. A rise was recorded in commitments for the refinancing of established dwellings (up 287, 1.8%), while falls were recorded in commitments for the purchase of established dwellings excluding refinancing (down 24, 0.1%), the construction of dwellings (down 23, 0.5%) and the purchase of new dwellings (down 35, 1.5%). The seasonally adjusted estimate for the total number of owner occupied housing commitments fell 4.5% in January 2011.

Graph: Number of Owner Occupied Dwellings Financed


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

Between December 2010 and January 2011, the number of owner occupied housing commitments (trend) rose in New South Wales (up 193, 1.2%), Victoria (up 89, 0.7%), Western Australia (up 31, 0.5%), South Australia (up 23, 0.6%), Tasmania (up 13, 1.4%) and the Australian Capital Territory (up 12, 1.2%). A fall was recorded in Queensland (down 113, 1.2%). The seasonally adjusted estimates fell in all states except Tasmania (up 48, 5.1%), South Australia (up 40, 1.0%) and the Northern Territory (up 19, 5.9%). Queensland had the largest fall, down 1,593 (16.4%).


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 15.8% in December 2010 to 15.2% in January 2011. Between December 2010 and January 2011, the average loan size for first home buyers fell $7,400 to $274,300. The average loan size for all owner occupied housing commitments fell $3,500 to $283,700 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 0.2% in January 2011 compared with December 2010, following a rise of 0.1% in December 2010. The seasonally adjusted series fell 6.5% in January 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 0.5% in January 2011 compared with December 2010, following a fall of 0.2% in December 2010. The seasonally adjusted series fell 9.4% in January 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 1.5% in January 2011 compared with December 2010, following a fall of 0.8% in December 2010. The seasonally adjusted series fell 13.5% in January 2011, following a fall of 10.2% the previous month. This is the largest fall since January 2004 (18.7%).

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) rose 0.6% in January 2011 compared with December 2010, following a rise of 1.0% in December 2010. The seasonally adjusted series fell 3.5% in January 2011.

Graph: Purchase of established dwellings including refinancing


Refinancing (Tables 1 & 2)

The number of refinancing commitments for owner occupied housing (trend) rose 1.8% in January 2011 compared with December 2010, following a rise of 2.3% in December 2010. The seasonally adjusted series fell 0.3% in January 2011.

Graph: Refinancing


TYPE OF LENDER (OWNER OCCUPATION)

Banks (Tables 3 & 4)

The number of commitments for owner occupied dwellings financed by banks (trend) rose 0.1% in January 2011 compared with December 2010, following a rise of 0.4% in December 2010. The seasonally adjusted series fell 3.9% in January 2011.

Graph: Banks


Non-banks (Tables 3 & 4)

The number of commitments for owner occupied dwellings financed by non-banks (trend) rose 2.1% in January 2011, following a rise of 3.3% in December 2010. The seasonally adjusted series fell 8.2% in January 2011. The number of commitments for owner occupied dwellings financed by permanent building societies (trend) rose 4.6%. The seasonally adjusted series fell 1.3% in January 2011.

Graph: Non-banks


HOUSING LOAN OUTSTANDINGS

(Table 12)

At the end of January 2011, the value of outstanding housing loans financed by authorised deposit-taking institutions (ADIs) was $1,057,309m, up $5,829m (0.6%) from the December 2010 closing balance. Owner occupied housing loan outstandings financed by ADIs rose $4,113m (0.6%) to $738,065m and investment housing loans financed by ADIs rose $1,716m (0.5%) to $319,244m.

Bank housing loan outstandings rose $5,228m (0.5%) during January 2011 to reach a closing balance of $1,004,897m. Owner occupied housing loan outstandings of banks rose $3,641m (0.5%) to $695,913m and investment housing loan outstandings of banks rose $1,587m (0.5%) to $308,984m.