5609.0 - Housing Finance, Australia, Jun 2014 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 08/08/2014   
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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 0.3% in June 2014 compared with May 2014, and the seasonally adjusted series rose 1.0% in June 2014.

The total value of owner occupied housing commitments (trend) rose (up $75m, 0.4%) in June 2014. Rises were recorded in commitments for the purchase of established dwellings (up $57m, 0.4%), commitments for the purchase of new dwellings (up $10m, 1.0%) and commitments for the construction of dwellings (up $8m, 0.5%). The seasonally adjusted series for the total value of owner occupied housing commitments rose 1.8% in June 2014.

The total value of investment housing commitments (trend) rose (up $6m, 0.1%) in June 2014 compared with May 2014. A rise was recorded in commitments for the purchase of dwellings by individuals for rent or resale (up $58m, 0.6%), while commitments for the construction of dwellings for rent or resale fell (down $50m, 8.8%) and commitments for the purchase of dwellings by others for rent or resale fell (down $2m, 0.2%). The value of investment housing commitments seasonally adjusted fell 0.3% in June 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) rose (up 94, 0.2%) in June 2014, following a rise of 0.1% in May 2014. Rises were recorded in commitments for the refinancing of established dwellings (up 141, 0.8%), commitments for the purchase of new dwellings (up 23, 0.8%) and the construction of dwellings (up 21, 0.3%), while commitments for the purchase of established dwellings excluding refinancing fell (down 90, 0.3%). The seasonally adjusted estimate for the total number of owner occupied housing commitments rose 0.2% in June 2014.

Graph: Number of Owner Occupied Dwellings Financed


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

Between May 2014 and June 2014, the number of owner occupied housing commitments (trend) rose in New South Wales (up 47, 0.3%), Western Australia (up 31, 0.4%), Queensland (up 13, 0.1%), Tasmania (up 9, 1.0%), South Australia (up 8, 0.2%) and the Northern Territory (up 4, 1.3%), while falls were recorded in Victoria (down 20, 0.1%) and the Australian Capital Territory (down 5, 0.6%). The seasonally adjusted estimates rose in Western Australia (up 139, 1.8%), Tasmania (up 125, 15.2%), New South Wales (up 118, 0.8%) and Victoria (up 28, 0.2%), while falls were recorded in Queensland (down 320, 3.1%), South Australia (down 125, 3.6%), the Australian Capital Territory (down 24, 2.9%) and the Northern Territory (down 17, 4.5%).


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 June 2014 from 12.6% in May 2014. Between May 2014 and June 2014, the average loan size for first home buyers rose $4,800 to $308,600. The average loan size for all owner occupied housing commitments rose $7,000 to $327,000 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 0.1% in June 2014, following a fall of 0.2% in May 2014. The seasonally adjusted series rose 0.6% in June 2014, after a fall of 1.1% in May 2014.

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 0.3% in June 2014, following a rise of 0.5% in May 2014. This is the nineteenth consecutive rise since December 2012. The seasonally adjusted series rose 1.1% in June 2014, following a rise of 0.9% in May 2014.

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) rose 0.8% in June 2014, following a rise of 0.6% in May 2014. The seasonally adjusted series rose 4.6% in June 2014, after a rise of 1.5% in May 2014.

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 0.1% in June 2014, after being flat in May 2014. The seasonally adjusted series fell 0.3% in June 2014, following a fall of 0.3% in May 2014.

Graph: Purchase of established dwellings including refinancing


Refinancing (Tables 1 & 2)

The number of refinancing commitments for owner occupied housing (trend) rose 0.8% in June 2014, following a rise of 0.8% in May 2014. The seasonally adjusted series fell 0.7% in June 2014, after a rise of 2.0% in May 2014.

Graph: Refinancing


TYPE OF LENDER (OWNER OCCUPATION)

Banks (Tables 3 & 4)

The number of commitments for owner occupied dwellings financed by banks (trend) was flat in June 2014, after a fall of 0.1% in May 2014. The seasonally adjusted series fell 0.1% in June 2014, following a fall of 0.5% in May 2014.

Graph: Banks


Non-banks (Tables 3 & 4)

The number of commitments for owner occupied dwellings financed by non-banks (trend) rose 2.2% in June 2014, following a rise of 2.6% in May 2014. The seasonally adjusted series rose 2.6% in June 2014, following a rise of 4.2% in May 2014. The number of commitments for owner occupied dwellings financed by permanent building societies (trend) fell 0.4% in June 2014, following a fall of 0.6% in May 2014. The seasonally adjusted series rose 6.5% in June 2014, after a fall of 7.4% in May 2014.

Graph: Non-banks


HOUSING LOAN OUTSTANDINGS

(Table 12)

At the end of June 2014, the value of outstanding housing loans financed by Authorised Deposit-taking Institutions (ADIs) was $1,312,363m, up $11,203m (0.9%) from the May 2014 closing balance. Owner occupied housing loan outstandings financed by ADIs rose $6,035m (0.7%) to $867,563m and investment housing loan outstandings financed by ADIs rose $5,168m (1.2%) to $444,800m.

Bank housing loan outstandings rose $10,890m (0.9%) during June 2014 to reach a closing balance of $1,265,239m. Owner occupied housing loan outstandings of banks rose $5,821m (0.7%) to $829,686m and investment housing loan outstandings of banks rose $5,069m (1.2%) to $435,553m.