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1301.0 - Year Book Australia, 2005  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 21/01/2005   
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Contents >> Housing >> Housing finance for owner occupation and investment

In 2003-04 a total of 647,449 housing finance commitments for owner occupation were made by all lenders, a moderate increase on the previous year total of 628,753 (table 8.18). The recent upturn began during the December quarter of 2002 and continued into the first quarter of 2003-04 before weakening over the remainder of 2003-04. The total value of commitments for owner occupied housing increased to $123,763m, up from $106,699m in 2002-03. The number of commitments grew by 3% in 2003-04 over the previous year, while the value of commitments grew by 16%, taking the average loan size from $169,700 in 2002-03 to $191,200 in 2003-04.

Construction finance commitments for owner occupied housing grew slightly in 2003-04, rising by 0.5% from the previous year to 64,865 commitments. Commitments to purchase new dwellings for owner occupation rose by 24.4% from 2002-03 to 21,809. The total value of commitments for owner occupied housing increased strongly to $12,500m (up 14.5%) for the construction of dwellings and $4,927m (up 43.7%) for the purchase of new dwellings.

The number of commitments for the purchase of established dwellings for owner occupation (including refinancing) continued to grow, increasing by 2.6% (or 14,105 commitments) in 2003-04. The total value of commitments for owner occupied housing also continued to grow, increasing by 15.1% in 2003-04 to reach $106,335m. The average loan size for the purchase of established dwellings for owner occupation increased to $189,600 in 2003-04, rising from $168,900 in 2002-03.

In number terms, bank commitments for owner occupied housing rose by 3.2% in 2003-04, while commitments from permanent building societies remained virtually unchanged. Other lenders, which include credit unions and wholesale lenders, increased commitments by 2.7% in 2003-04.

There were 87,475 commitments for owner occupied housing to first home buyers in 2003-04, down on the previous year total of 99,281. First home buyers accounted for 13.5% of all commitments for owner occupied housing in 2003-04, down from the 2002-03 figure of 15.8%.


8.18 SECURED HOUSING FINANCE COMMITMENTS FOR OWNER OCCUPATION(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
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.
55,294
2,608
6,651
64,553
2003-04
no.
53,117
2,644
9,104
64,865
Value of commitments
2000-01
$m
6,088
412
894
7,394
2001-02
$m
9,873
548
1,111
11,532
2002-03
$m
9,540
417
956
10,913
2003-04
$m
10,485
451
1,564
12,500

PURCHASE OF NEWLY ERECTED DWELLINGS

Dwelling units
2000-01
no.
14,656
475
2,566
17,697
2001-02
no.
16,823
283
3,154
20,260
2002-03
no.
14,062
379
3,089
17,530
2003-04
no.
15,104
425
6,280
21,809
Value of commitments
2000-01
$m
2,322
55
361
2,738
2001-02
$m
3,029
39
443
3,511
2002-03
$m
2,914
56
460
3,430
2003-04
$m
3,573
71
1,283
4,927

PURCHASE OF ESTABLISHED DWELLINGS(d)

Dwelling units
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.
399,120
22,512
125,038
546,670
2003-04
no.
415,334
22,425
123,016
560,775
Value of commitments
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
69,849
3,179
19,328
92,356
2003-04
$m
80,878
3,397
22,060
106,335

TOTAL

Dwelling units
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.
468,476
25,499
134,778
628,753
2003-04
no.
483,555
25,494
138,400
647,449
Value of commitments
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
82,303
3,651
20,744
106,699
2003-04
$m
94,936
3,920
24,907
123,763

(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: Housing Finance, Australia (5609.0).


In 2003-04, $75,873m was approved for investment housing purposes, up 16.4% on the figure recorded in 2002-03. The largest component of investment housing, the purchase of dwellings for rent or resale by individuals was the primary driver of this growth, rising to $63,368m in 2003-04, up 22.7% on the previous year (table 8.19).


8.19 FINANCE COMMITMENTS FOR INVESTMENT HOUSING, By purpose

2000-01
2001-02
2002-03
2003-04
$m
$m
$m
$m

Construction of dwellings for rent or resale
3,772
4,443
8,001
6,200
Purchase of dwellings by individuals for rent or resale
24,870
39,317
51,651
63,368
Purchase of dwellings by others for rent or resale
2,634
3,846
5,535
6,305
Total
31,276
47,606
65,187
75,873

Source: Housing Finance, Australia (5609.0).


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