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5609.0 - Housing Finance, Australia, Feb 2014 Quality Declaration 
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 09/04/2014   
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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) rose 1.0% in February 2014 compared with January 2014, and the seasonally adjusted series rose 2.9% in February 2014.

The total value of owner occupied housing commitments (trend) rose (up $148m, 0.9%) in February 2014. Rises were recorded in commitments for the purchase of established dwellings (up $133m, 0.9%), commitments for the construction of dwellings (up $23m, 1.3%), while commitments for the purchase of new dwellings fell (down $7m, 0.8%). The seasonally adjusted series for the total value of owner occupied housing commitments rose 1.9% in February 2014.

The total value of investment housing commitments (trend) rose ($115m, 1.1%) in February 2014 compared with January 2014. Rises were recorded in commitments for the purchase of dwellings by individuals for rent or resale (up $66m, 0.7%), commitments for the construction of dwellings for rent or resale (up $36m, 4.8%) and commitments for the purchase of dwellings by others for rent or resale (up $13m, 1.4%). The value of investment housing commitments seasonally adjusted rose 4.4% in February 2014.

INVESTMENT HOUSING - TOTAL
Graph: INVESTMENT HOUSING - TOTAL



Number of Owner Occupied Dwellings Financed (Tables 1 & 2)

The number of owner occupied housing commitments (trend) rose (up 109, 0.2%) in February 2014, following a rise of 0.1% in January 2014. Rises were recorded in commitments for the construction of dwellings (up 105, 1.8%), and in commitments for the purchase of established dwellings excluding refinancing (up 65, 0.2%), while falls were recorded in commitments for the purchase of new dwellings (down 46, 1.7%) and in commitments for the refinancing of established dwellings (down 15, 0.1%). The seasonally adjusted estimate for the total number of owner occupied housing commitments rose (up 1,167, 2.3%) in February 2014.

Graph: Number of Owner Occupied Dwellings Financed


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

Between February 2014 and January 2014, the number of owner occupied housing commitments (trend) rose in Queensland (up 88, 0.9%), Western Australia (up 68, 0.9%), New South Wales (up 47, 0.3%) and in the Northern Territory (up 4, 1.2%) while falls were recorded in Victoria (down 59, 0.4%), South Australia (down 19, 0.6%), Tasmania (down 3, 0.4%), and the Australian Capital Territory (down 2, 0.3%). The seasonally adjusted estimates rose in New South Wales (up 389, 2.6%), Western Australia (up 307, 4.0%), Queensland (up 166, 1.7%), the Northern Territory (up 29, 8.4%), Victoria (up 22, 0.2%), the Australian Capital Territory (up 15, 1.8%), and Tasmania (up 1, 0.1%), while a fall was recorded in South Australia (down 81, 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 fell to 12.5% in February 2014 from 13.2% in January 2014. Between February 2014 and January 2014, the average loan size for first home buyers rose $700 to $302,500. The average loan size for all owner occupied housing commitments fell $7,200 to $315,700 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) rose 0.4% in February 2014, following a rise of 0.3% in January 2014. The seasonally adjusted series rose 0.6% in February 2014, following a rise of 0.8% in January 2014.

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 1.8% in February 2014, following a rise of 2.2% in January 2014. This is the fifteenth consecutive rise since January 2012. The seasonally adjusted series rose 0.8% in February 2014, following a rise of 6.0% in January 2014.

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 1.7% in February 2014, following a fall of 2.0% in January 2014. The seasonally adjusted series fell 5.0% in February 2014, following a fall of 2.0% in January 2014.

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) rose 0.1% in February 2014, after being flat in January 2014. The seasonally adjusted series rose 3.0% in February 2014, after a fall of 0.7% in January 2014.

Graph: Purchase of established dwellings including refinancing


Refinancing (Tables 1 & 2)

The number of refinancing commitments for owner occupied housing (trend) fell 0.1% in February 2014, following a fall of 0.2% in January 2014. The seasonally adjusted series rose 6.0% in February 2014, following a fall of 1.7% in January 2014.

Graph: Refinancing


TYPE OF LENDER (OWNER OCCUPATION)

Banks (Tables 3 & 4)

The number of commitments for owner occupied dwellings financed by banks (trend) rose 0.1% in February 2014, following a rise of 0.1% in January 2014. The seasonally adjusted series rose 2.4% in February 2014, after a fall of 0.5% in January 2014.

Graph: Banks


Non-banks (Tables 3 & 4)

The number of commitments for owner occupied dwellings financed by non-banks (trend) rose 1.5% in February 2014, following a rise of 1.2% in January 2014. The seasonally adjusted series rose 0.7% in February 2014, following a rise of 7.1% in January 2014. The number of commitments for owner occupied dwellings financed by permanent building societies (trend) fell 0.8% in February 2014, following a fall of 0.6% in January 2014. The seasonally adjusted series fell 2.2% in February 2014, after a rise of 2.2% in January 2014.

Graph: Non-banks


HOUSING LOAN OUTSTANDINGS

(Table 12)

At the end of February 2014, the value of outstanding housing loans financed by authorised deposit-taking institutions (ADIs) was $1,275,332m, up $6,894m (0.5%) from the January 2014 closing balance. Owner occupied housing loan outstandings financed by ADIs rose $4,082m (0.5%) to $853,214m and investment housing loan outstandings financed by ADIs rose $2,812m (0.7%) to $422,118m.

Bank housing loan outstandings rose $6,710m (0.5%) during February 2014 to reach a closing balance of $1,231,388m. Owner occupied housing loan outstandings of banks rose $3,906m (0.5%) to $817,935m and investment housing loan outstandings of banks rose $2,804m (0.7%) to $413,453m.


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Commonwealth of Australia 2014

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