5609.0 - Housing Finance, Australia, Mar 2009 Quality Declaration 
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 12/05/2009   
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SUMMARY OF FINDINGS


DWELLINGS FINANCED

Value of Dwellings Financed

The total value of dwelling commitments excluding alterations and additions (trend) increased 2.3% in March 2009 compared with February 2009 and the seasonally adjusted series increased 6.7% in March 2009.

The total value of owner occupied housing commitments (trend) rose 3.4% (up $496m) in March 2009, following a revised increase of 3.9% in February 2009. The increase in March was due to increases in the purchase of established dwellings excluding refinancing (up $370m, 4.1%), the value of the construction of dwellings (up $63m, 5.1%), the purchase of new dwellings (up $33m, 4.8%) and the refinancing of established dwellings (up $30m, 0.8%) . The seasonally adjusted series for the value of owner occupied commitments increased 7.3% in March 2009.

The total value of investment housing commitments (trend) fell 1.0% (down $47m) in March 2009 compared with February 2009, following a revised fall of 1.2% in February 2009. The decrease in March was due to falls in the purchase of dwellings by others for rent or resale (down $29m, 8.3%), the construction of dwellings for rent or resale (down $10m, 3.0%) and the purchase of dwellings by individuals for rent or resale (down $7m, 0.2%). The seasonally adjusted series rose 4.7% in March 2009.

INVESTMENT HOUSING - TOTAL
Graph: INVESTMENT HOUSING - TOTAL



Number of Owner Occupied Dwellings Financed

The number of owner occupied housing commitments (trend) increased 2.8% (up 1,584) in March 2009 compared with February 2009, following a revised increase of 3.2% in February 2009. Increases were recorded in the purchase of established dwellings excluding refinancing (up 1,101, 3.3%), the construction of dwellings (up 257, 5.3%), the refinancing of established dwellings (up 121, 0.7%) and the purchase of new dwellings (up 104, 4.3%). The seasonally adjusted estimates for the total number of owner occupied housing commitments rose 4.9% in March 2009.

Graph: Number of Owner Occupied Dwellings Financed

The number of owner occupied housing commitments (trend) increased in all states and territories in March 2009 compared with February 2009: New South Wales (up 536, 3.1%), Victoria (up 339, 2.6%), Queensland (up 330, 2.8%), South Australia (up 145, 2.8%), Western Australia (up 108, 1.6%), the Australian Capital Territory (up 47, 4.6%), Tasmania (up 41, 3.2%) and the Northern Territory (up 9, 1.9%). The seasonally adjusted estimates increased in all states and territories.


First Home Buyer Commitments

In original terms, the number of first home buyer commitments as a percentage of total owner occupied housing finance commitments increased from 26.5% in February 2009 to 27.3% in March 2009. This is the highest proportion recorded since the series commenced in 1991. The average loan size for first home buyers continues to rise, up $4,300 from February 2009 to $286,000 for March 2009. This compares to the average loan size for all owner occupied housing commitments which rose by $11,500 to $263,200 for the same period.


Number of Owner Occupied Dwellings Financed Excluding Refinancing

The number of owner occupied housing commitments excluding refinancing (trend) rose 3.6% in March 2009 compared with February 2009, following an increase of 4.3% in February 2009. The seasonally adjusted series rose 5.1% in March 2009.

Graph: 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) rose 5.3% in March 2009 compared with February 2009, following a revised increase of 6.0% in February 2009. The seasonally adjusted series rose 13.9% to 5,565, the highest level since January 2002, while the value ($1,391m) is the highest since the series began.

Graph: Construction of dwellings


Purchase of new dwellings

The number of finance commitments for the purchase of new dwellings for owner occupation (trend) rose 4.3% in March 2009 compared with February 2009, following a revised increase of 5.5% in February 2009. The seasonally adjusted series rose 8.8% in March 2009.

Graph: Purchase of new dwellings


Purchase of established dwellings (including refinancing)

The number of finance commitments for the purchase of established dwellings for owner occupation (trend) rose 2.4% in March 2009 compared with February 2009, following a revised increase of 2.9% in February 2009. The seasonally adjusted series rose 3.8% in March 2009.

Graph: Purchase of established dwellings including refinancing


Refinancing

The number of refinancing commitments for owner occupied housing (trend) rose 0.7% in March 2009 compared with February 2009, following a revised increase of 0.8% in February 2009. The seasonally adjusted series rose 4.5% in March 2009.

Graph: Refinancing


TYPE OF LENDER (OWNER OCCUPATION)

Banks

The number of owner occupied dwellings financed by banks (trend) rose 2.9% in March 2009 compared with February 2009, after a revised increase of 3.5% in February 2009. The seasonally adjusted series rose 5.2% in March 2009.

Graph: Banks


Non-banks

The number of owner occupied dwellings financed by non-banks (trend) rose 1.4% in March 2009 compared with February 2009, after a revised increase of 1.5% in February 2009. The seasonally adjusted series for the number of owner occupied dwellings financed by non-banks increased 3.0% March 2009. The number of commitments for owner occupied dwellings financed by wholesale lenders n.e.c. (trend) increased 1.3%. The seasonally adjusted series increased 3.1%.

Graph: Non-banks


HOUSING LOAN OUTSTANDINGS

At the end of March 2009, the value of outstanding housing loans financed by authorised deposit-taking institutions was $852,969m, up $12,670m (1.5%) from the February 2009 closing balance. Owner occupied housing loans financed by authorised deposit-taking institutions increased $11,330m (2.0%) to $590,466m and investment housing loans financed by authorised deposit-taking institutions increased $1,340m (0.5%) to $262,503m.

Bank loans increased $12,342m (1.5%) during March 2009 to reach a closing balance of $809,330m. Owner occupied housing loans of banks increased $11,062m (2.0%) to $554,351m and investment housing loans increased $1,280m (0.5%) to $254,979m.