5609.0 - Housing Finance, Australia, May 2010 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 12/07/2010   
   Page tools: Print Print Page Print all pages in this productPrint All RSS Feed RSS Bookmark and Share Search this Product

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 0.5% in May 2010 compared with April 2010, while the seasonally adjusted series increased 0.7% in May 2010.

The total value of owner occupied housing commitments (trend) fell 1.4% (down $184m) in May 2010, following a decrease of 2.1% in April 2010. Decreases were recorded in commitments for the purchase of established dwellings (down $131m, 1.1%) and the construction of dwellings (down $53m, 3.8%), while the purchase of new dwellings increased (up $1m, 0.1%). The seasonally adjusted series for the value of owner occupied commitments fell 0.3% in May 2010.

The total value of investment housing commitments (trend) rose 1.0% (up $77m) in May 2010 compared with April 2010, following an increase of 1.2% in April 2010. Increases were recorded in commitments for the purchase of dwellings by others for rent or resale (up $30m, 3.7%), commitments for the construction of dwellings for rent or resale (up $24m, 5.2%) and commitments for the purchase of dwellings by individuals for rent or resale (up $23m, 0.4%). The value of investment housing commitments seasonally adjusted rose 2.6% in May 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 1.2% (down 585) in May 2010 compared with April 2010. Decreases were recorded in commitments for the purchase of established dwellings excluding refinancing (down 304, 1.1%), the construction of dwellings (down 205, 3.7%) and the refinancing of established dwellings (down 96, 0.7%), while the purchase of new dwellings increased (up 19, 0.9%). The seasonally adjusted estimate for the total number of owner occupied housing commitments rose 1.9% in May 2010.

Graph: Number of Owner Occupied Dwellings Financed


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

Between April and May 2010, the number of owner occupied housing commitments (trend) decreased in all states: Western Australia (down 163, 2.8%), New South Wales (down 156, 1.1%), Queensland (down 110, 1.2%), Victoria (down 100, 0.8%), South Australia (down 44, 1.2%), Australian Capital Territory (down 19, 2.0%), Northern Territory (down 6, 1.7%) and Tasmania (down 1, 0.1%). The seasonally adjusted estimates increased in all states and territories except Western Australia (down 224, 3.8%) and Australian Capital Territory (down 23, 2.4%).


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 16.3% in April 2010 to 16.1% in May 2010. Between April and May 2010, the average loan size for first home buyers fell $2,400 to $287,700. The average loan size for all owner occupied housing commitments fell $3,800 to $283,100 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 1.4% in May 2010 compared with April 2010, following a decrease of 2.4% in April 2010. The seasonally adjusted series increased 0.8% in May 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 3.7% in May 2010 compared with April 2010, following a decrease of 5.0% in April 2010. The seasonally adjusted series fell 2.2% in May 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 0.9% in May 2010 compared with April 2010, following an increase of 0.2% in April 2010. The seasonally adjusted series rose 4.7% in May 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 1.0% in May 2010 compared with April 2010, following a decrease of 1.9% in April 2010. The seasonally adjusted series increased 2.3% in May 2010.

Graph: Purchase of established dwellings including refinancing


Refinancing (Tables 1 & 2)

The number of refinancing commitments for owner occupied housing (trend) decreased 0.7% in May 2010 compared with April 2010, following a decrease of 1.5% in April 2010. The seasonally adjusted series increased 4.8% in May 2010, after decreasing 5.1% in April 2010.

Graph: Refinancing


TYPE OF LENDER (OWNER OCCUPATION)

Banks (Tables 3 & 4)

The number of owner occupied dwellings financed by banks (trend) decreased 1.2% in May 2010 compared with April 2010, after a decrease of 2.2% in April 2010. The seasonally adjusted series rose 1.7% in May 2010.

Graph: Banks


Non-banks (Tables 3 & 4)

The number of owner occupied dwellings financed by non-banks (trend) decreased 1.5% in May 2010 after a decrease of 2.3% in April 2010. The seasonally adjusted series for the number of owner occupied dwellings financed by non-banks rose 3.4% in May 2010. The number of commitments for owner occupied dwellings financed by permanent building societies (trend) increased 1.8%. The seasonally adjusted series fell 0.8% in May 2010.

Graph: Non-banks


HOUSING LOAN OUTSTANDINGS

(Table 12)

At the end of May 2010, the value of outstanding housing loans financed by authorised deposit-taking institutions (ADIs) was $997,818m, up $10,262m (1.0%) from the April 2010 closing balance. Owner occupied housing loan outstandings financed by ADIs increased $6,813m (1.0%) to $697,089m and investment housing loans financed by ADIs increased $3,449m (1.2%) to $300,729m.

Bank housing loan outstandings increased $9,882m (1.1%) during May 2010 to reach a closing balance of $948,811m. Owner occupied housing loan outstandings of banks increased $6,604m (1.0%) to $657,504m and investment housing loan outstandings of banks increased $3,278m (1.1%) to $291,307m.