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1301.0 - Year Book Australia, 2004  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 27/02/2004   
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Contents >> Housing >> Housing finance for owner occupation and investment

In 2002-03, a total of 629,859 housing finance commitments were made by all lenders, down slightly on the previous year total of 630,764. The total value of commitments increased to $106,659m, up from $96,482m in 2001-02. The average loan size increased to $169,340 in 2002-03, rising from $152,960 in 2001-02.

Construction finance commitments weakened throughout 2002-03, falling by 16.8% from the previous year to 64,532 commitments. Commitments to purchase new dwellings fell by 13.5% from 2002-03 to 17,526. The total value of commitments fell only slightly to $10,911m (down 5.4%) for the construction of dwellings and $3,429m (down 2.3%) for the purchase of new dwellings.

The strongest housing finance growth was recorded for the purchase of established dwellings. The number of commitments recorded for 2002-03 rose to 547,801 an increase of 2.8% from 2001-02. The total value of commitments also continued to grow, increasing by 13.4% in 2002-03 to reach $92,318m. The total value of housing finance commitments for established dwellings increased by 43.6% from the level recorded in 2000-01. The average loan size for the purchase of established dwellings increased to $168,520 in 2002-03, rising from $152,810 in 2001-02.

In number terms, bank commitments fell by 2.1% in 2002-03, while commitments from permanent building societies fell by 5.2%. Other lenders, which include credit unions and wholesale lenders, increased by 8.5% in the 2002-03 financial year, capturing 21.6% of the housing lending market. In results similar to the last financial year, the average housing loan size for banks increased the most of the three lending types, up 13.1% to $175,680.

There were 99,488 commitments to first home buyers in 2002-03, down on the previous year total of 142,318. First home buyers accounted for 15.8% of all commitments for owner occupied housing in 2002-03, down from the 2001-02 figure of 22.6%.

8.18 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
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
2002-03
no.
55,287
2,608
6,637
64,532
Value of commitments
1999-2000
$m
9,293
474
850
10,617
2000-01
$m
6,088
412
894
7,394
2001-02
$m
9,873
548
1,111
11,532
2002-03
$m
9,539
417
955
10,911

PURCHASE OF NEWLY ERECTED DWELLINGS

Dwelling units
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
2002-03
no.
14,058
379
3,089
17,526
Value of commitments
1999-2000
$m
2,666
48
127
2,841
2000-01
$m
2,322
55
361
2,738
2001-02
$m
3,029
39
443
3,511
2002-03
$m
2,914
56
459
3,429

PURCHASE OF ESTABLISHED DWELLINGS(d)

Dwelling units
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
2002-03
no.
399,104
22,512
126,185
547,801
Value of commitments
1999-2000
$m
50,919
1,825
8,751
61,495
2000-01
$m
50,722
2,244
11,327
64,293
2001-02
$m
61,427
2,971
17,041
81,439
2002-03
$m
69,846
3,179
19,293
92,318

TOTAL

Dwelling units
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
2002-03
no.
468,449
25,499
135,911
629,859
Value of commitments
1999-2000
$m
62,879
2,347
9,726
74,952
2000-01
$m
59,132
2,711
12,581
74,424
2001-02
$m
74,329
3,558
18,595
96,482
2002-03
$m
82,299
3,651
20,708
106,659

(a) Owner occupied dwellings. 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.

In 2002-03, $65,121m was approved for investment housing purposes, up 36.8% on the figure recorded in 2001-02. The largest component of investment housing, the purchase of dwellings for rent or resale by individuals continued its growth, rising to $51,651m in 2002-03, up 31.4% on the previous year.

8.19 FINANCE COMMITMENTS FOR INVESTMENT HOUSING, By purpose

2000-01
2001-02
2002-03
$m
$m
$m

Construction finance - erection of dwellings for rental/resale
3,772
4,443
7,935
Purchase of real property - dwellings for rental/resale - Individuals
24,870
39,317
51,651
Purchase of real property - dwellings for rental/resale - Other
2,634
3,846
5,535
Total
31,276
47,606
65,121

Source: ABS data available on request, Survey of Lending Finance.


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