5609.0 - Housing Finance, Australia, May 2012 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 11/07/2012   
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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 0.5% in May 2012 compared with April 2012 and the seasonally adjusted series fell 1.4% in May 2012.

The total value of owner occupied housing commitments (trend) fell ($43m, 0.3%) in May 2012 following a fall of 0.3% in April 2012. A fall was recorded in commitments for the purchase of established dwellings (down $51m, 0.4%), while rises were recorded in commitments for the purchase of new dwellings (up $4m, 0.6%) and commitments for the construction of dwellings (up $4m, 0.3%). The seasonally adjusted series for the total value of owner occupied housing commitments rose 0.2% in May 2012.

The total value of investment housing commitments (trend) fell ($51m, 0.7%) in May 2012 compared with April 2012. Falls were recorded in commitments for the construction of dwellings for rent or resale (down $25m, 6.1%), commitments for the purchase of dwellings by individuals for rent or resale (down $18m, 0.3%) and commitments for the purchase of dwellings by others for rent or resale (down $8m, 1.5%). The value of investment housing commitments seasonally adjusted fell 4.6% in May 2012.

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 (222, 0.5%) in May 2012, following a fall of 0.5% in April 2012. A fall was recorded in commitments for the purchase of established dwellings excluding refinancing (down 293, 1.3%), while rises were recorded in commitments for the refinancing of established dwellings (up 40, 0.2%), commitments for the purchase of new dwellings (up 17, 0.8%) and commitments for the construction of dwellings (up 14, 0.3%). The seasonally adjusted estimate for the total number of owner occupied housing commitments fell (582, 1.2%) in May 2012.

Graph: Number of Owner Occupied Dwellings Financed


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

Between May 2012 and April 2012, the number of owner occupied housing commitments (trend) fell in New South Wales (down 336, 2.6%), the Northern Territory (down 3, 0.7%), Tasmania (down 3, 0.4%), the Australian Capital Territory (down 2, 0.2%) and South Australia (down 1, 0.0%), while rises were recorded in Western Australia (up 64, 0.9%), Victoria (up 52, 0.4%) and Queensland (up 8, 0.1%). The seasonally adjusted estimates fell in New South Wales (down 451, 3.4%), Queensland (down 239, 2.6%) and the Northern Territory (down 5, 1.7%), while rises were recorded in Victoria (up 140, 1.1%), Tasmania (up 69, 8.7%), Western Australia (up 48, 0.7%) and the Australian Capital Territory (up 15, 1.8%). South Australia was flat (0, 0.0%).


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 17.8% in May 2012 from 16.8% in April 2012. Between May 2012 and April 2012, the average loan size for first home buyers rose $5,500 to $285,700. The average loan size for all owner occupied housing commitments rose $4,700 to $293,600 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 0.9% in May 2012, following a fall of 1.0% in April 2012. The seasonally adjusted series fell 0.8% in May 2012, after a rise of 0.9% in April 2012.

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 May 2012, following a rise of 0.5% in April 2012. The seasonally adjusted series fell 0.3% in May 2012, following a fall of 0.4% in April 2012.

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 May 2012, following a rise of 0.8% in April 2012. The seasonally adjusted series fell 7.3% in May 2012, after a rise of 8.8% in April 2012.

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 0.6% in May 2012, following a fall of 0.7% in April 2012. The seasonally adjusted series fell 1.0% in May 2012, after a rise of 0.3% in April 2012.

Graph: Purchase of established dwellings including refinancing


Refinancing (Tables 1 & 2)

The number of refinancing commitments for owner occupied housing (trend) rose 0.2% in May 2012, following a rise of 0.5% in April 2012. The seasonally adjusted series fell 2.0% in May 2012, after being flat (0.0%) in April 2012.

Graph: Refinancing


TYPE OF LENDER (OWNER OCCUPATION)

Banks (Tables 3 & 4)

The number of commitments for owner occupied dwellings financed by banks (trend) fell 0.6% in May 2012, following a fall of 0.7% in April 2012. The seasonally adjusted series fell 1.5% in May 2012, after a rise of 0.4% in April 2012.

Graph: Banks


Non-banks (Tables 3 & 4)

The number of commitments for owner occupied dwellings financed by non-banks (trend) rose 0.8% in May 2012, following a rise of 1.0% in April 2012. The seasonally adjusted series rose 1.1% in May 2012, following a rise of 1.9% in April 2012. The number of commitments for owner occupied dwellings financed by permanent building societies (trend) fell 1.3% in May 2012. The seasonally adjusted series rose 1.3% in May 2012, after a fall of 5.8% in April 2012.

Graph: Non-banks


HOUSING LOAN OUTSTANDINGS

(Table 12)

At the end of May 2012, the value of outstanding housing loans financed by authorised deposit-taking institutions (ADIs) was $1,162,611m, up $7,156m (0.6%) from the April 2012 closing balance. Owner occupied housing loan outstandings financed by ADIs rose $4,392m (0.6%) to $782,807m and investment housing loans financed by ADIs rose $2,764m (0.7%) to $379,804m.

Bank housing loan outstandings rose $6,796m (0.6%) during May 2012 to reach a closing balance of $1,113,185m. Owner occupied housing loan outstandings of banks rose $4,207m (0.6%) to $742,544m and investment housing loan outstandings of banks rose $2,589m (0.7%) to $370,641m.