5609.0 - Housing Finance, Australia, Mar 2011 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 16/05/2011   
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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) fell 1.6% in March 2011 compared with February 2011 and the seasonally adjusted series fell 0.1% in March 2011.

The total value of owner occupied housing commitments (trend) fell 1.7% (down $237m) in March 2011, following a fall of 1.7% in February 2011. Falls were recorded in commitments for the purchase of established dwellings (down $187m, 1.6%), the purchase of new dwellings (down $32m, 4.8%) and the construction of dwellings (down $17m, 1.4%). The seasonally adjusted series for the value of owner occupied commitments fell 1.1% in March 2011.

The total value of investment housing commitments (trend) fell 1.3% (down $85m) in March 2011 compared with February 2011, following a fall of 1.3% in February 2011. Falls were recorded in commitments for the purchase of dwellings by individuals for rent or resale (down $96m, 1.8%) and the construction of dwellings for rent or resale (down $2m, 0.5%), while commitments for the purchase of dwellings by others for rent or resale rose (up $13m, 2.0%). The value of investment housing commitments seasonally adjusted rose 2.1% in March 2011.

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 957, 2.0%) in March 2011 compared with February 2011. Falls were recorded in commitments for the purchase of established dwellings excluding refinancing (down 538, 2.1%), the refinancing of established dwellings (down 230, 1.5%), the purchase of new dwellings (down 112, 5.6%) and the construction of dwellings (down 76, 1.6%). The seasonally adjusted estimate for the total number of owner occupied housing commitments fell 1.5% in March 2011.

Graph: Number of Owner Occupied Dwellings Financed


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

Between February 2011 and March 2011, the number of owner occupied housing commitments (trend) fell in all states with Queensland (down 267, 3.2%), New South Wales (down 248, 1.7%), Victoria (down 175, 1.3%), South Australia (down 51, 1.4%), Western Australia (down 31, 0.6%), the Australian Capital Territory (down 19, 1.9%), Tasmania (down 12, 1.2%) and the Northern Territory (down 1, 0.4%). The seasonally adjusted estimates fell in all states except New South Wales (up 213, 1.5%), Western Australia (up 115, 2.1%) and the Northern Territory (up 8, 2.7%).


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 from 14.9% in February 2011 to 16.0% in March 2011. Between February 2011 and March 2011, the average loan size for first home buyers rose $2,500 to $279,500. The average loan size for all owner occupied housing commitments rose $4,000 to $285,500 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 2.3% in March 2011 compared with February 2011, following a fall of 2.3% in February 2011. The seasonally adjusted series fell 0.9% in March 2011.

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) fell 1.6% in March 2011 compared with February 2011, following a fall of 1.7% in February 2011. The seasonally adjusted series fell 1.1% in March 2011.

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 5.6% in March 2011 compared with February 2011, following a fall of 5.4% in February 2011. The seasonally adjusted series rose 2.4% in March 2011, after falls of more than 8% in each of the three previous months.

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 1.9% in March 2011 compared with February 2011, following a fall of 1.8% in February 2011. The seasonally adjusted series fell 1.8% in March 2011.

Graph: Purchase of established dwellings including refinancing


Refinancing (Tables 1 & 2)

The number of refinancing commitments for owner occupied housing (trend) fell 1.5% in March 2011 compared with February 2011, following a fall of 1.2% in February 2011. The seasonally adjusted series fell 3.0% in March 2011.

Graph: Refinancing


TYPE OF LENDER (OWNER OCCUPATION)

Banks (Tables 3 & 4)

The number of commitments for owner occupied dwellings financed by banks (trend) fell 1.5% in March 2011 compared with February 2011, following a fall of 1.6% in February 2011. The seasonally adjusted series rose 0.1% in March 2011.

Graph: Banks


Non-banks (Tables 3 & 4)

The number of commitments for owner occupied dwellings financed by non-banks (trend) fell 5.1% in March 2011, following a fall of 4.4% in February 2011. The seasonally adjusted series fell 12.3% in March 2011, following falls of more than 9% in each of the two previous months. The number of commitments for owner occupied dwellings financed by permanent building societies (trend) fell 4.0%. The seasonally adjusted series rose 0.5% in March 2011.

Graph: Non-banks


HOUSING LOAN OUTSTANDINGS

(Table 12)

At the end of March 2011, the value of outstanding housing loans financed by authorised deposit-taking institutions (ADIs) was $1,074,328m, up $11,503m (1.1%) from the February 2011 closing balance. Owner occupied housing loan outstandings financed by ADIs rose $8,798m (1.2%) to $751,144m and investment housing loan outstandings financed by ADIs rose $2,705m (0.8%) to $323,184m.

Bank housing loan outstandings rose $8,890m (0.9%) during March 2011 to reach a closing balance of $1,018,866m. Owner occupied housing loan outstandings of banks rose $6,404m (0.9%) to $706,263m and investment housing loan outstandings of banks rose $2,486m (0.8%) to $312,603m.