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1301.0 - Year Book Australia, 2003  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 24/01/2003   
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Contents >> Housing >> Housing finance for owner occupation

Secured housing finance commitments to owner occupiers is shown in table 8.20, split by purpose and type of lender.

The 2001-02 financial year saw very strong growth in housing finance commitments after a weak 2000-01. The upturn began during the June quarter of 2001, and continued into 2001-02. A total of 630,764 commitments were made by all lenders in 2001-02, with a value of $96,482m. The number of commitments grew by 14% in 2001-02 over the previous year, while the value of commitments grew by 30%, taking the average loan size from $134,300 in 2000-01 to $153,000 in 2001-02.

The recovery in construction finance commitments (already evident in the June quarter of 2001) gathered considerable strength throughout 2001, then weakened somewhat in the first half of 2002. Nevertheless, there was a 46% increase (or 24,580 commitments) in the number of construction finance commitments in 2001-02 over the previous financial year. Following a relatively moderate fall in the commitments to purchase new dwellings in 2000-01, there was a strong increase (of 14% or 2,563 commitments) in 2001-02.

The number of commitments for the purchase of established dwellings (including refinancing) continued to grow, increasing by 10.2% (or 49,325 commitments) in 2001-02.

The growth in bank commitments (9%) was far exceeded by the growth in commitments by permanent building societies (up 18%) and other lenders (up 33%). The average loan size for banks, however, increased more sharply, rising to $155,300 in 2001-02, while the average loan sizes for building societies and other lenders were $132,300 and $148,400 respectively.


8.20 SECURED HOUSING FINANCE COMMITMENTS(a), By purpose and type of lender(b)

Type of lender

Units
Banks
Permanent
building
societies
Other
lenders(c)
Total

CONSTRUCTION OF DWELLINGS

Dwelling units
1998-99
no.
62,464
3,787
7,238
73,489
1999-2000
no.
65,673
3,276
6,733
75,682
2000-01
no.
44,127
2,755
6,105
52,987
2001-02
no.
66,009
3,697
7,861
77,567
Value of commitments
1998-99
$m
7,935
520
901
9,356
1999-2000
$m
9,293
474
849
10,617
2000-01
$m
6,088
412
893
7,394
2001-02
$m
9,873
548
1,111
11,532

PURCHASE OF NEWLY ERECTED DWELLINGS

Dwelling units
1998-99
no.
17,903
282
1,963
20,148
1999-2000
no.
17,313
300
920
18,533
2000-01
no.
14,656
475
2,566
17,697
2001-02
no.
16,823
283
3,154
20,260
Value of commitments
1998-99
$m
2,482
37
282
2,802
1999-2000
$m
2,666
48
127
2,841
2000-01
$m
2,322
55
361
2,738
2001-02
$m
3,029
39
444
3,511

PURCHASE OF ESTABLISHED DWELLINGS(d)

Dwelling units
1998-99
no.
323,840
14,917
55,779
394,536
1999-2000
no.
368,814
16,563
69,546
454,923
2000-01
no.
378,526
19,479
85,607
483,612
2001-02
no.
395,758
22,918
114,261
532,937
Value of commitments
1998-99
$m
41,089
1,677
6,577
49,342
1999-2000
$m
50,919
1,825
8,750
61,495
2000-01
$m
50,722
2,244
11,327
64,293
2001-02
$m
61,427
2,971
17,040
81,439

TOTAL

Dwelling units
1998-99
no.
404,207
18,986
64,980
488,173
1999-2000
no.
451,800
20,139
77,199
549,138
2000-01
no.
437,309
22,709
94,278
554,296
2001-02
no.
478,590
26,898
125,276
630,764
Value of commitments
1998-99
$m
51,506
2,234
7,760
61,500
1999-2000
$m
62,878
2,347
9,726
74,953
2000-01
$m
59,132
2,711
12,581
74,424
2001-02
$m
74,329
3,558
18,595
96,482

(a) Excludes alterations and additions.
(b) Caution should be exercised in using these statistics to calculate market share because, while all banks and permanent building societies are selected, only a sample of other lenders are selected.
(c) Includes wholesale lenders n.e.c.
(d) Includes refinancing.

Source: ABS data available on request, Survey of Housing Finance for Owner Occupation.


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