5609.0 - Housing Finance, Australia, Jun 2010 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 09/08/2010   
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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) decreased 0.3% in June 2010 compared with May 2010 and the seasonally adjusted series decreased 1.9% in June 2010.

The total value of owner occupied housing commitments (trend) fell 0.7% (down $87m) in June 2010, following a decrease of 1.2% in May 2010. Decreases were recorded in commitments for the construction of dwellings (down $47m, 3.6%) and the purchase of established dwellings (down $43m, 0.4%), while the purchase of new dwellings increased (up $3m, 0.4%). The seasonally adjusted series for the value of owner occupied commitments fell 1.0% in June 2010.

The total value of investment housing commitments (trend) rose 0.4% (up $32m) in June 2010 compared with May 2010, following an increase of 0.6% in May 2010. Increases were recorded in commitments for the purchase of dwellings by individuals for rent or resale (up $31m, 0.5%) and commitments for the construction of dwellings for rent or resale (up $16m, 3.4%). Commitments for the purchase of dwellings by others for rent or resale fell (down $14m, 1.9%). The value of investment housing commitments seasonally adjusted fell 3.6% in June 2010.

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 0.8% (down 359) in June 2010 compared with May 2010. Decreases were recorded in commitments for the construction of dwellings (down 197, 3.8%) and the purchase of established dwellings excluding refinancing (down 196, 0.7%), while the purchase of new dwellings increased (up 26, 1.1%) and the refinancing of established dwellings rose (up 8, 0.1%). The seasonally adjusted estimate for the total number of owner occupied housing commitments fell 3.9% in June 2010, the tenth monthly decline in the last twelve months.

Graph: Number of Owner Occupied Dwellings Financed


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

Between May and June 2010, the number of owner occupied housing commitments (trend) decreased in Western Australia (down 137, 2.5%), Queensland (down 111, 1.2%), New South Wales (down 64, 0.5%), Victoria (down 20, 0.2%), Australian Capital Territory (down 15, 1.6%), South Australia (down 13, 0.3%) and the Northern Territory (down 9, 2.5%). An increase was recorded in Tasmania (up 1, 0.1%). The seasonally adjusted estimates decreased in all states and territories.


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 decreased from 16.2% in May 2010 to 16.0% in June 2010. Between May and June 2010, the average loan size for first home buyers fell $3,200 to $284,500. The average loan size for all owner occupied housing commitments rose $3,700 to $285,300 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) fell 1.1% in June 2010 compared with May 2010, following a decrease of 1.7% in May 2010. The seasonally adjusted series decreased 5.1% in June 2010.

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) decreased 3.8% in June 2010 compared with May 2010, following a decrease of 4.7% in May 2010. The seasonally adjusted series fell 5.0% in June 2010.

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) increased 1.1% in June 2010 compared with May 2010, following an increase of 1.1% in May 2010. The seasonally adjusted series fell 4.5% in June 2010.

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) decreased 0.5% in June 2010 compared with May 2010, following a decrease of 1.0% in May 2010. The seasonally adjusted series decreased 3.7% in June 2010, to the lowest number since October 2000.

Graph: Purchase of established dwellings including refinancing


Refinancing (Tables 1 & 2)

The number of refinancing commitments for owner occupied housing (trend) increased 0.1% in June 2010 compared with May 2010, following a decrease of 0.3% in May 2010. The seasonally adjusted series decreased 0.6% in June 2010, after increasing 6.9% in May 2010.

Graph: Refinancing


TYPE OF LENDER (OWNER OCCUPATION)

Banks (Tables 3 & 4)

The number of owner occupied dwellings financed by banks (trend) decreased 0.8% in June 2010 compared with May 2010, after a decrease of 1.4% in May 2010. The seasonally adjusted series fell 3.7% in June 2010.

Graph: Banks


Non-banks (Tables 3 & 4)

The number of owner occupied dwellings financed by non-banks (trend) decreased 0.7% in June 2010 after a decrease of 1.3% in May 2010. The seasonally adjusted series for the number of owner occupied dwellings financed by non-banks fell 5.3% in June 2010. The number of commitments for owner occupied dwellings financed by permanent building societies (trend) increased 0.5%. The seasonally adjusted series fell 5.0% in June 2010.

Graph: Non-banks


HOUSING LOAN OUTSTANDINGS

(Table 12)

At the end of June 2010, the value of outstanding housing loans financed by authorised deposit-taking institutions (ADIs) was $1,008,858m, up $11,042m (1.1%) from the May 2010 closing balance. Owner occupied housing loan outstandings financed by ADIs increased $7,074m (1.0%) to $704,161m and investment housing loans financed by ADIs increased $3,968m (1.3%) to $304,697m.

Bank housing loan outstandings increased $10,486m (1.1%) during June 2010 to reach a closing balance of $959,297m. Owner occupied housing loan outstandings of banks increased $6,664m (1.0%) to $664,168m and investment housing loan outstandings of banks increased $3,822m (1.3%) to $295,129m.