5609.0 - Housing Finance, Australia, February 2017 Quality Declaration 
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 10/04/2017   
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SUMMARY OF FINDINGS


DWELLINGS FINANCED

Value of Dwellings Financed

The total value of dwelling commitments excluding alterations and additions (trend) rose 0.4% in February 2017 compared with January 2017, while the seasonally adjusted series fell 2.7% in February 2017.

The total value of owner occupied housing commitments (trend) rose (up $37m, 0.2%) in February 2017. Rises were recorded in commitments for the purchase of established dwellings (up $44m, 0.3%) while falls were recorded in commitments for the purchase of new dwellings (down $5m, 0.5%) and commitments for the construction of dwellings (down $3m, 0.1%). The seasonally adjusted series for the total value of owner occupied housing commitments fell 0.5% in February 2017.

The total value of investment housing commitments (trend) rose (up $92m, 0.7%) in February 2017 compared with January 2017. Rises were recorded in commitments for the purchase of dwellings by others for rent or resale (up $41m, 3.3%), commitments for the construction of dwellings for rent or resale (up $38m, 3.5%) and commitments for the purchase of dwellings by individuals for rent or resale (up $14m, 0.1%). The seasonally adjusted series for the total value of investment housing commitments fell 5.9% in February 2017.

Further detail can be found in Tables 11, 1 and 2 on the downloads tab of this release and in the PDF.

INVESTMENT HOUSING - TOTAL
Graph: INVESTMENT HOUSING - TOTAL



Number of Owner Occupied Dwellings Financed

The number of owner occupied housing commitments (trend) rose 0.3% in February 2017, following a rise of 0.4% in January 2017. A rise was recorded in commitments for the purchase of established dwellings excluding refinancing (up 316, 1.1%), while falls were recorded in commitments for the construction of dwellings (down 7, 0.1%). Commitments for the refinancing of established dwellings (down 124, 0.7%) whilst commitments for the purchase of new dwellings was flat. The seasonally adjusted series for the total number of owner occupied housing commitments fell 0.5% in February 2017.

Further detail can be found in Tables 1 and 2 on the downloads tab of this release and in the PDF.

Graph: Graph shows number of owner occupied dwellings financed


Number of Owner Occupied Dwellings Financed - State

Between January 2017 and February 2017, the number of owner occupied housing commitments (trend) rose in Victoria (up 135, 0.9%), New South Wales (up 93, 0.6%), South Australia (up 14, 0.4%), the Australian Capital Territory (up 10, 1.0%) and the Northern Territory (up 1, 0.2%), while falls were recorded in Western Australia (down 44, 0.8%), Queensland (down 20, 0.2%) and Tasmania (down 2, 0.2%).

The seasonally adjusted estimates fell in Queensland (down 379, 3.4%), New South Wales (down 284, 1.7%), the Australian Capital Territory (down 87, 8.0%) and Western Australia (down 35, 0.6%), while rises were recorded in South Australia (up 52, 1.3%), Victoria (up 45, 0.3%), Tasmania (up 42, 4.3%) and the Northern Territory (up 21, 7.4%).

Further detail can be found in Tables 5 and 6 on the downloads tab of this release and in the PDF.


First Home Buyer Commitments

In original terms, the number of first home buyer commitments as a percentage of total owner occupied housing finance commitments fell to 13.3% in February 2017 from 13.4% in January 2017. The number of first home buyer commitments rose by 7.5% to 6,596 in February from 6,136 in January; the number of non-first home buyer commitments also rose. Between January 2017 and February 2017, the average loan size for first home buyers fell $6,200 to $308,900. The average loan size for all owner occupied housing commitments fell $9,900 to $353,700 for the same period.

Further detail can be found in Table 9a on the downloads tab of this release and in Table 9 of the PDF.


Number of Owner Occupied Dwellings Financed Excluding Refinancing

The number of owner occupied housing commitments excluding refinancing (trend) rose 0.8% in February 2017, following a rise of 1.1% in January 2017. The seasonally adjusted series rose 1.0% in February 2017, after a fall of 1.5% in January 2017.

Further detail can be found in Tables 1 and 2 on the downloads tab of this release and in the PDF.

Graph: Graph shows number of owner occupied dwellings financed, excluding refinancing


PURPOSE OF FINANCE (OWNER OCCUPATION)

Construction of dwellings

The number of finance commitments for the construction of dwellings for owner occupation (trend) fell 0.1% in February 2017, after a rise of 0.1% in January 2017. The seasonally adjusted series rose 1.7% in February 2017, after a fall of 2.2% in January 2017.

Further detail can be found in Tables 1 and 2 on the downloads tab of this release and in the PDF.

Graph: Graph shows commitments for construction of dwellings for owner occupation


Purchase of new dwellings

The number of finance commitments for the purchase of new dwellings for owner occupation (trend) was flat in February 2017, after a rise of 0.4% in January 2017. The seasonally adjusted series fell 7.1% in February 2017, following a fall of 1.0% in January 2017.

Further detail can be found in Tables 1 and 2 on the downloads tab of this release and in the PDF.

Graph: Graph shows commitments for the purchase of new dwellings for owner occupation


Purchase of established dwellings (including refinancing across lending institutions)

The number of finance commitments for the purchase of established dwellings for owner occupation (trend) rose 0.4% in February 2017, following a rise of 0.4% in January 2017. The seasonally adjusted series fell 0.4% in February 2017, after a rise of 0.8% in January 2017.

Further detail can be found in Tables 1 and 2 on the downloads tab of this release and in the PDF.

Graph: Graph shows number of owner occupied established dwellings financed, including refinancing


Refinancing

The number of refinancing commitments for owner occupied housing (trend) fell 0.7% in February 2017, following a fall of 1.0% in January 2017. The seasonally adjusted series fell 3.5% in February 2017, after a rise of 4.2% in January 2017.

Further detail can be found in Tables 1 and 2 on the downloads tab of this release and in the PDF.

Graph: Graph shows number of owner occupied dwellings refinanced


TYPE OF LENDER (OWNER OCCUPATION)

Banks

The number of commitments for owner occupied dwellings financed by banks (trend) rose 0.3% in February 2017, following a rise of 0.3% in January 2017. The seasonally adjusted series was flat in February 2017, after a fall of 0.1% in January 2017.

Further detail can be found in Tables 3 and 4 on the downloads tab of this release and in the PDF.

Graph: Graph shows number of owner occupied dwellings financed by banks


Non-banks

The number of commitments for owner occupied dwellings financed by non-banks (trend) rose 1.0% in February 2017, following a rise of 1.1% in January 2017. The seasonally adjusted series fell 6.2% in February 2017, after a rise of 5.8% in January 2017. The number of commitments for owner occupied dwellings financed by permanent building societies (trend) fell 2.8% in February 2017, following a fall of 5.7% in January 2017.

Further detail can be found in Tables 3 and 4 on the downloads tab of this release and in the PDF.

Graph: Graph shows number of owner occupied dwellings financed by non-banks


HOUSING LOAN OUTSTANDINGS

At the end of February 2017, the value of outstanding housing loans financed by Authorised Deposit-taking Institutions (ADIs) was $1,574b, up $7b (0.4%) from the January 2017 closing balance. Owner occupied housing loan outstandings financed by ADIs rose $5b (0.5%) to $1,022b and investment housing loan outstandings financed by ADIs rose $1.8b (0.3%) to $551b.

Bank housing loan outstandings rose $7b (0.4%) during February 2017 to reach a closing balance of $1,535b. Owner occupied housing loan outstandings of banks rose $5b (0.5%) to $992b and investment housing loan outstandings of banks rose $1.8b (0.3%) to $543b.

Further detail can be found in Table 12 on the downloads tab of this release and in the PDF.