5609.0 - Housing Finance, Australia, Jan 2014 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 12/03/2014   
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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 1.2% in January 2014 compared with December 2013, while the seasonally adjusted series fell 0.4% in January 2014.

The total value of owner occupied housing commitments (trend) rose (up $147m, 0.9%) in January 2014. Rises were recorded in commitments for the purchase of established dwellings (up $117m, 0.8%), commitments for the construction of dwellings (up $31m, 1.8%), while commitments for the purchase of new dwellings was flat. The seasonally adjusted series for the total value of owner occupied housing commitments rose 1.5% in January 2014.

The total value of investment housing commitments (trend) rose ($163m, 1.6%) in January 2014 compared with December 2013. Rises were recorded in commitments for the purchase of dwellings by individuals for rent or resale (up $171m, 1.9%), commitments for the purchase of dwellings by others for rent or resale (up $8m, 0.9%), while a fall was recorded in commitments for the construction of dwellings for rent or resale (down $17m, 2.6%). The value of investment housing commitments seasonally adjusted fell 3.3% in January 2014.

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 69, 0.1%) in January 2014, after being flat in December 2013. Falls were recorded in commitments for the refinancing of established dwellings (down 136, 0.8%), and purchase of new dwellings (down 40, 1.4%), while rises were recorded in commitments for the construction of dwellings (up 105, 1.8%) and commitments for the purchase of established dwellings excluding refinancing (up 2, 0.0%). The seasonally adjusted estimate for the total number of owner occupied housing commitments was flat in January 2014.

Graph: Number of Owner Occupied Dwellings Financed


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

Between January 2014 and December 2013, the number of owner occupied housing commitments (trend) fell in Victoria (down 93, 0.7%), the Australian Capital Territory (down 7, 0.9%), the Northern Territory (down 5, 1.6%) and Tasmania (down 2, 0.3%), while rises were recorded in Queensland (up 60, 0.6%), New South Wales (up 42, 0.3%) and Western Australia (up 5, 0.1%). South Australia was flat. The seasonally adjusted estimates fell in New South Wales (down 268, 1.8%), Victoria (down 46, 0.3%), the Australian Capital Territory (down 36, 4.4%) and South Australia (down 35, 1.0%), while rises were recorded in Western Australia (up 137, 1.8%), Queensland (up 117, 1.2%), Tasmania (up 60, 7.4%) and the Northern Territory (up 33, 10.9%).


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 rose to 13.2% in January 2014 from 12.7% in December 2013. Between January 2014 and December 2013, the average loan size for first home buyers fell $3,700 to $301,800. The average loan size for all owner occupied housing commitments rose $500 to $322,900 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 0.2% in January 2014, following a rise of 0.3% in December 2013. The seasonally adjusted series rose 0.6% in January 2014, after a fall of 3.1% in December 2013.

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 1.8% in January 2014, following a rise of 1.9% in December 2013. This is the fourteenth consecutive rise since December 2012. The seasonally adjusted series rose 5.8% in January 2014, following a rise of 0.8% in December 2013.

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 1.4% in January 2014, following a fall of 1.4% in December 2013. The seasonally adjusted series fell 1.0% in January 2014, following a fall of 2.1% in December 2013.

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 0.3% in January 2014, following a fall of 0.2% in December 2013. The seasonally adjusted series fell 0.7% in January 2014, following a fall of 3.9% in December 2013.

Graph: Purchase of established dwellings including refinancing


Refinancing (Tables 1 & 2)

The number of refinancing commitments for owner occupied housing (trend) fell 0.8% in January 2014, following a fall of 0.8% in December 2013. The seasonally adjusted series fell 1.1% in January 2014, following a fall of 3.6% in December 2013.

Graph: Refinancing


TYPE OF LENDER (OWNER OCCUPATION)

Banks (Tables 3 & 4)

The number of commitments for owner occupied dwellings financed by banks (trend) fell 0.2% in January 2014, following a fall of 0.1% in December 2013. The seasonally adjusted series fell 0.6% in January 2014, following a fall of 3.3% in December 2013.

Graph: Banks


Non-banks (Tables 3 & 4)

The number of commitments for owner occupied dwellings financed by non-banks (trend) rose 0.1% in January 2014, following a rise of 0.4% in December 2013. The seasonally adjusted series rose 8.3% in January 2014, after a fall of 2.6% in December 2013. The number of commitments for owner occupied dwellings financed by permanent building societies (trend) fell 0.2% in January 2014, following a fall of 0.1% in December 2013. The seasonally adjusted series rose 2.6% in January 2014, after a fall of 4.4% in December 2013.

Graph: Non-banks


HOUSING LOAN OUTSTANDINGS

(Table 12)

At the end of January 2014, the value of outstanding housing loans financed by authorised deposit-taking institutions (ADIs) was $1,268,437m, up $4,983m (0.4%) from the December 2013 closing balance. Owner occupied housing loan outstandings financed by ADIs rose $1,987m (0.2%) to $849,131m and investment housing loan outstandings financed by ADIs rose $2,996m (0.7%) to $419,306m.

Bank housing loan outstandings rose $7,179m (0.6%) during January 2014 to reach a closing balance of $1,224,678m. Owner occupied housing loan outstandings of banks rose $3,866m (0.5%) to $814,029m and investment housing loan outstandings of banks rose $3,313m (0.8%) to $410,649m.