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5609.0 - Housing Finance, Australia, Mar 2007  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 14/05/2007   
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SUMMARY OF FINDINGS


DWELLINGS FINANCED

Value of Dwellings Financed

The total value of dwelling commitments excluding alterations and additions (seasonally adjusted) decreased 0.4% in March 2007 compared with February 2007. The trend series for total value of dwelling finance commitments increased by 1.5% in March 2007.


The total value of owner occupied housing commitments (seasonally adjusted) rose by 1.7% (up $247m) in March 2007, following a 0.7% rise in February 2007. An increase was recorded for purchase of established dwellings excluding refinancing (up $298m, 3.5%), purchase of new dwellings (up $30m, 4.0%) and construction of dwellings (up $6m, 0.6%) more than offsetting a decrease in refinancing of established dwellings (down $87m, 2.2%). The trend series in the value of owner occupied commitments increased by 1.0% in March 2007.


The total value of investment housing commitments (seasonally adjusted) decreased by 5.0% (down $332m) in March 2007 compared with February 2007, following a revised increase of 8.8% in February 2007. The decrease in March 2007 was due to a fall in purchase of dwellings by others for rent or resale (down $496m, 50.1%), more than offsetting increases in purchase of dwellings by individuals for rent or resale (up $96m, 1.9%) and construction of dwellings for rent or resale (up $68m, 14.6%). The trend series in total value of investment housing commitments increased by 2.6% in March 2007.

INVESTMENT HOUSING - TOTAL
Graph: Investment Housing - Total



Number of Owner Occupied Dwellings Financed

The number of owner occupied housing commitments (seasonally adjusted) increased by 1.3% (up 826) in March 2007 compared with February 2007, following an increase of 0.3% in February 2007. Increases were recorded in purchase of established dwellings excluding refinancing (up 735, 2.0%), purchase of new dwellings (up 160, 5.7%) and construction of dwellings (up 61, 1.4%) which more than offset a decrease in refinancing of established dwellings (down 130, 0.7%). The number of owner occupied housing commitments (trend) increased 0.5% in March 2007.


The number of owner occupied housing commitments (seasonally adjusted) increased in March 2007 compared with February 2007 in Queensland (up 211 , 1.5%), the Australian Capital Territory (up 146, 17.7%), Western Australia (up 102, 1.2%), New South Wales (up 88, 0.5%) and the Northern Territory (up 45, 9.6%). Decreases were recorded in South Australia (down 79, 1.5%), Victoria (down 57, 0.4%) and Tasmania (down 17, 1.5%).


The trend estimates increased in New South Wales, Victoria, Queensland, South Australia and the Australian Capital Territory. All other states and territories recorded decreases.


In original terms, the number of first home buyer commitments as a percentage of total owner occupied housing finance commitments increased from 17.5% in February 2007 to 18.2% in March 2007. The number of fixed rate loan commitments as a percentage of total owner occupied housing finance commitments fell from 20.4% in February 2007 to 18.3% in March 2007. The average loan size for owner occupied housing commitments rose from $224,800 in February 2007 to $229,200 in March 2007.

Number of Owner Occupied Dwellings Financed
Graph: Number of Owner Occupied Dwellings Financed



Number of Owner Occupied Dwellings Financed Excluding Refinancing

The number of owner occupied housing commitments excluding refinancing (seasonally adjusted) increased by 2.2% in March 2007 compared with February 2007, following an increase of 1.5% in February 2007. The trend rose 1.0% in March 2007.

Graph: Number of owner occupied dwellings financed excluding refinancing



PURPOSE OF FINANCE (OWNER OCCUPATION)

Construction of dwellings

The number of construction commitments for owner occupation (seasonally adjusted) rose 1.4% in March 2007, following a revised 2.0% decrease for February 2007. The trend series rose by 0.1% in March 2007.

Graph: Construction of dwellings


Purchase of new dwellings

The number of finance commitments for the purchase of new dwellings for owner occupation (seasonally adjusted) rose by 5.7% in March 2007, following a revised increase of 0.6% in February 2007. The trend series rose by 2.0% in March 2007, the fourth consecutive monthly increase.

Graph: Purchase of new dwellings


Purchase of established dwellings (including refinancing)

The number of finance commitments for the purchase of established dwellings for owner occupation (seasonally adjusted) rose 1.1% in March 2007, following a revised increase of 0.5% in February 2007. The trend series increased by 0.5% in March 2007, the fourth consecutive monthly increase.

Graph: Purchase of established dwellings including refinancing


Refinancing

The number of refinancing commitments for owner occupied housing (seasonally adjusted) fell by 0.7% in March 2007 compared with February 2007, following a revised decrease of 2.4% in February 2007. The trend series fell by 0.7% in March 2007, the sixth consecutive monthly decrease.

Graph: Refinancing



TYPE OF LENDER (OWNER OCCUPATION)

Banks

The number of owner occupied dwellings financed by banks (seasonally adjusted) increased by 1.4% in March 2007 compared with February 2007, after a 0.3% increase in February 2007. The trend series rose by 0.6% in March 2007, the fifth consecutive monthly increase.

Graph: Banks


Non-banks

The number of owner occupied dwellings financed by non-banks (seasonally adjusted) rose by 0.9% in March 2007 compared with February 2007, after a revised increase of 0.3% in February 2007. The non-bank trend series decreased by 0.1% in March 2007, the ninth consecutive monthly decrease.

Graph: Non-banks



HOUSING LOAN OUTSTANDINGS

At the end of March 2007, the value of outstanding housing loans financed by authorised deposit-taking institutions was $634,103m, up $4,324m (0.7%) from the February 2007 closing balance. Owner occupied housing loans increased by $2,520m (0.6%) to close at $428,481m, while investment housing loans increased by $1,804m (0.9%) to reach a closing balance of $205,622m.


Bank loans increased by $3,831m (0.6%) during March 2007, to a closing stock of $597,028m. Owner occupied housing loans of banks increased by $2,607m (0.7%) to $398,880m, while investment housing loans increased $1,224m (0.6%) to $198,148m.


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