5609.0 - Housing Finance, Australia, Jan 2012 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 13/03/2012   
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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 0.6% in January 2012 compared with December 2011, while the seasonally adjusted series fell 2.3% in January 2012.

The total value of owner occupied housing commitments (trend) rose (up $110m, 0.8%) in January 2012, following a rise of 0.9% in December 2011. Rises were recorded in commitments for the purchase of established dwellings (up $105m, 0.9%) and construction of dwellings (up $6m, 0.4%), while commitments for the purchase of new dwellings was flat ($0m, 0.0%). The seasonally adjusted series for the value of owner occupied housing commitments rose 0.1% in January 2012.

The total value of investment housing commitments (trend) rose (up $14m, 0.2%) in January 2012 compared with December 2011. A rise was recorded in commitments for the purchase of dwellings by individuals for rent or resale (up $38m, 0.7%), while falls were recorded in the purchase of dwellings by others for rent or resale (down $16m, 2.8%) and the construction of dwellings for rent or resale (down $8m, 1.8%). The value of investment housing commitments seasonally adjusted fell 7.1% in January 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) rose (up 366, 0.8%) in January 2012 compared with December 2011. Rises were recorded in commitments for the purchase of established dwellings excluding refinancing (up 268, 1.1%), the refinancing of established dwellings (up 80, 0.5%) and commitments for the construction of dwellings (up 19, 0.4%), while the purchase of new dwellings was flat (down 1, 0.0%). The seasonally adjusted estimate for the total number of owner occupied housing commitments fell (down 602, 1.2%) in January 2012.

Graph: Number of Owner Occupied Dwellings Financed


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

Between December 2011 and January 2012, the number of owner occupied housing commitments (trend) rose in New South Wales (up 275, 1.8%), Queensland (up 141, 1.6%), Western Australia (up 94, 1.5%), Victoria (up 31, 0.3%), the Australian Capital Territory (up 14, 1.7%) and the Northern Territory (up 2, 0.7%), while falls were recorded in South Australia (down 14, 0.4%), and Tasmania (down 1, 0.1%). The seasonally adjusted estimates fell in New South Wales (down 1,003, 6.3%), the Northern Territory (down 29, 8.3%) and the Australian Capital Territory (down 16, 1.8%), while rises were recorded in Western Australia (up 240, 3.8%), Victoria (up 117, 0.9%), South Australia (up 39, 1.3%), Tasmania (up 28, 3.2%) and Queensland (up 3, 0.0%).


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 20.3% in January 2012 from 20.9% in December 2011. Between January 2012 and December 2011, the average loan size for first home buyers fell $2,200 to $280,900. The average loan size for all owner occupied housing commitments fell $2,700 to $291,300 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) rose 0.9% in January 2012 compared with December 2011, following a rise of 1.1% in December 2011. The seasonally adjusted series fell 2.9% in January 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 0.4% in January 2012 compared with December 2011, following a rise of 0.2% in December 2011. The seasonally adjusted series rose 0.2% in January 2012, following a rise of 2.4% in December 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) was flat (down 1, 0.0%), in January 2012 compared with December 2011. The seasonally adjusted series fell 6.0% in January 2012, after a rise of 2.2% in December 2011.

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 0.9% in January 2012 compared with December 2011, following a rise of 1.1% in December 2011. The seasonally adjusted series fell 1.2% in January 2012 after nine consecutive rises.

Graph: Purchase of established dwellings including refinancing


Refinancing (Tables 1 & 2)

The number of refinancing commitments for owner occupied housing (trend) rose 0.5% in January 2012 compared with December 2011, following a rise of 0.7% in December 2011. The seasonally adjusted series rose by 2.0% in January 2012, following a rise of 2.0% in December 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 0.8% in January 2012 compared with December 2011, following a rise of 1.0% in December 2011. The seasonally adjusted series fell 1.0% in January 2012.

Graph: Banks


Non-banks (Tables 3 & 4)

The number of commitments for owner occupied dwellings financed by non-banks (trend) rose 0.5% in January 2012, following a rise of 0.6% in December 2011. The seasonally adjusted series fell 3.5% in January 2012, following a fall of 4.7% in December 2011. The number of commitments for owner occupied dwellings financed by permanent building societies (trend) fell 3.8% in January 2012. The seasonally adjusted series fell 22.9% in January 2012, following a fall of 24.2% in December 2011.

Graph: Non-banks


HOUSING LOAN OUTSTANDINGS

(Table 12)

At the end of January 2012, the value of outstanding housing loans financed by authorised deposit-taking institutions (ADIs) was $1,137,702m, up $5,847m (0.5%) from the December 2011 closing balance. Owner occupied housing loan outstandings financed by ADIs rose $4,277m (0.6%) to $767,988m and investment housing loans financed by ADIs rose $1,570m (0.4%) to $369,714m.

Bank housing loan outstandings rose $5,604m (0.5%) during January 2012 to reach a closing balance of $1,085,231m. Owner occupied housing loan outstandings of banks rose $4,067m (0.6%) to $725,012m and investment housing loan outstandings of banks rose $1,537m (0.4%) to $360,219m.