5609.0 - Housing Finance, Australia, Mar 2010 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 12/05/2010   
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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 2.2% in March 2010 compared with February 2010 and the seasonally adjusted series decreased 1.4% in March 2010.

The total value of owner occupied housing commitments (trend) fell 3.7% (down $534m) in March 2010, following a decrease of 3.9% in February 2010. Decreases were recorded in commitments for the purchase of established dwellings (down $452m, 3.8%), the construction of dwellings (down $65m, 4.0%) and the purchase of new dwellings (down $17m, 2.5%). The seasonally adjusted series for the value of owner occupied commitments fell 3.4% in March 2010.

The total value of investment housing commitments (trend) rose 1.1% (up $69m) in March 2010 compared with February 2010, following an increase of 1.1% in February 2010. Increases were recorded in commitments for the purchase of dwellings by individuals for rent or resale (up $40m, 0.7%) and commitments for the purchase of dwellings by others for rent or resale (up $34m, 4.8%). A decrease was recorded for commitments for the construction of dwellings for rent or resale (down $5m, 1.4%). The value of investment housing commitments seasonally adjusted rose 3.0% in March 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 4.1% (down 2,055) in March 2010 compared with February 2010. Decreases were recorded in commitments for the purchase of established dwellings excluding refinancing (down 1,362, 4.8%), the refinancing of established dwellings (down 327, 2.4%), the construction of dwellings (down 296, 4.6%) and the purchase of new dwellings (down 70, 3.2%). The seasonally adjusted estimate for the total number of owner occupied housing commitments fell 3.4% in March 2010. This is the lowest level since April 2001.

Graph: Number of Owner Occupied Dwellings Financed


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

Between February and March 2010, the number of owner occupied housing commitments (trend) decreased in: New South Wales (down 733, 5.1%), Queensland (down 446, 4.5%), Victoria (down 307, 2.3%), Western Australia (down 288, 4.5%), South Australia (down 217, 5.5%), Tasmania (down 53, 5.9%), Australian Capital Territory (down 20, 2.0%) and Northern Territory (down 13, 3.3%). 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 18.1% in February 2010 to 16.1% in March 2010. Between February and March 2010, the average loan size for first home buyers rose $1,700 to $284,300. The average loan size for all owner occupied housing commitments rose $6,700 to $281,400 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 4.7% in March 2010 compared with February 2010, following a decrease of 5.2% in February 2010. The seasonally adjusted series fell 4.6% in March 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 4.6% in March 2010 compared with February 2010, following a decrease of 4.4% in February 2010. The seasonally adjusted series fell 7.3% in March 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) decreased 3.2% in March 2010 compared with February 2010, following a decrease of 4.0% in February 2010. The seasonally adjusted series fell 3.2% in March 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 4.0% in March 2010 compared with February 2010, following a decrease of 4.6% in February 2010. The seasonally adjusted series fell 2.9% in March 2010.

Graph: Purchase of established dwellings including refinancing


Refinancing (Tables 1 & 2)

The number of refinancing commitments for owner occupied housing (trend) decreased 2.4% in March 2010 compared with February 2010, following a decrease of 2.8% in February 2010. The seasonally adjusted series fell 0.3% in March 2010.

Graph: Refinancing


TYPE OF LENDER (OWNER OCCUPATION)

Banks (Tables 3 & 4)

The number of owner occupied dwellings financed by banks (trend) decreased 4.0% in March 2010 compared with February 2010, after a decrease of 4.6% in February 2010. The seasonally adjusted series fell 3.2% in March 2010.

Graph: Banks


Non-banks (Tables 3 & 4)

The number of owner occupied dwellings financed by non-banks (trend) decreased 4.4% in March 2010 after a decrease of 4.3% in February 2010. The seasonally adjusted series for the number of owner occupied dwellings financed by non-banks decreased 5.2% in March 2010. The number of commitments for owner occupied dwellings financed by permanent building societies (trend) decreased 2.4%. The seasonally adjusted series increased 5.4% after decreasing the previous nine months.

Graph: Non-banks


HOUSING LOAN OUTSTANDINGS

(Table 12)

At the end of March 2010, the value of outstanding housing loans financed by authorised deposit-taking institutions (ADIs) was $983,431m, up $9,677m (1.0%) from the February 2010 closing balance. Owner occupied housing loan outstandings financed by ADIs increased $6,313m (0.9%) to $687,569m and investment housing loans financed by ADIs increased $3,364m (1.2%) to $295,862m.

Bank housing loan outstandings increased $9,610 (1.0%) during March 2010 to reach a closing balance of $935,208m. Owner occupied housing loan outstandings of banks increased $6,255m (1.0%) to $648,576m and investment housing loan outstandings of banks increased $3,355m (1.2%) to $286,632m.