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1301.0 - Year Book Australia, 2006  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 20/01/2006   
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Contents >> Chapter 8 - Housing >> Housing finance for owner occupation and investment

HOUSING FINANCE FOR OWNER OCCUPATION AND INVESTMENT

In 2004-05 a total of 637,166 housing finance commitments for owner occupation were made by lenders, a moderate decrease (down 3.5%) on the previous year total of 660,264 (table 8.18). The total value of commitments for owner occupied housing increased to $133,666 million (m), up 4.7% from $127,632m in 2003-04. The average loan size rose from $193,300 in 2003-04 to $209,800 in 2004-05.

Construction finance commitments for owner occupied housing in 2004-05, at 53,120, were 8.8% lower than in 2003-04, continuing a downturn that began in the second half of 2003-04. The total value of commitments for the construction of owner occupied housing decreased slightly to $11,544m (down 1.3% on 2003-04). Commitments to purchase new dwellings for owner occupation rose by 9.9% from 2003-04 to 24,483 and increased in value to $5,763m (up 14.6%).

The number of commitments for the purchase of established dwellings for owner occupation (including refinancing) fell by 3.5% (or 20,192 commitments) in 2004-05. The total value of commitments for the purchase of established dwellings, however, grew - increasing by 4.9% in 2004-05 to reach $116,358m. The average loan size for the purchase of established dwellings for owner occupation increased to $207,900 in 2004-05, rising from $191,300 in 2003-04.

In number terms, bank commitments for owner occupied housing fell by 2.4% in 2004-05, while commitments from permanent building societies fell 11.8%. Other lenders, which include credit unions and wholesale lenders, decreased commitments by 6.1% in 2004-05.

There were 102,144 commitments for owner occupied housing to first home buyers in 2004-05, up on the previous year total of 88,400. First home buyers accounted for 16.0% of all commitments for owner occupied housing in 2004-05, up from the 2003-04 figure of 13.4%.

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
2001-02
no.
56,267
3,697
7,861
67,825
2002-03
no.
46,887
2,617
6,656
56,160
2003-04
no.
46,406
2,650
9,166
58,222
2004-05
no.
42,524
2,144
8,452
53,120
Value of commitments
2001-02
$m
8,939
548
1,111
10,597
2002-03
$m
8,717
418
958
10,093
2003-04
$m
9,668
453
1,569
11,690
2004-05
$m
9,510
406
1,628
11,544

PURCHASE OF NEWLY ERECTED DWELLINGS

Dwelling units
2001-02
no.
17,006
283
3,154
20,443
2002-03
no.
14,302
393
3,095
17,790
2003-04
no.
15,573
425
6,289
22,287
2004-05
no.
14,720
432
9,331
24,483
Value of commitments
2001-02
$m
3,057
39
444
3,540
2002-03
$m
2,962
57
461
3,480
2003-04
$m
3,673
71
1,285
5,030
2004-05
$m
3,696
69
1,998
5,763

PURCHASE OF ESTABLISHED DWELLINGS(d)

Dwelling units
2001-02
no.
404,120
22,918
114,261
541,299
2002-03
no.
412,886
22,715
125,243
560,844
2003-04
no.
433,721
22,649
123,385
579,755
2004-05
no.
426,797
20,120
112,646
559,563
Value of commitments
2001-02
$m
62,602
2,971
17,040
82,613
2002-03
$m
72,230
3,209
19,357
94,796
2003-04
$m
85,377
3,426
22,109
110,912
2004-05
$m
91,406
3,331
21,621
116,358

TOTAL

Dwelling units
2001-02
no.
477,393
26,898
125,276
629,567
2002-03
no.
474,075
25,725
134,994
634,794
2003-04
no.
495,700
25,724
138,840
660,264
2004-05
no.
484,041
22,696
130,429
637,166
Value of commitments
2001-02
$m
74,598
3,558
18,595
96,750
2002-03
$m
83,909
3,685
20,776
108,370
2003-04
$m
98,718
3,950
24,964
127,632
2004-05
$m
104,612
3,806
25,248
133,666

(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 2004-05 a total of $67,481m was approved for investment housing purposes, down 13.0% on the figure recorded in 2003-04. In 2004-05 the largest component of investment housing, the purchase of dwellings by individuals for rent or resale, fell 15.2% to $54,827m (table 8.19).


8.19 FINANCE COMMITMENTS FOR INVESTMENT HOUSING, By purpose

2001-02
2002-03
2003-04
2004-05
$m
$m
$m
$m

Construction of dwellings for rent or resale
4,443
8,006
6,481
7,107
Purchase of dwellings by individuals for rent or resale
39,317
52,115
64,666
54,827
Purchase of dwellings by others for rent or resale
3,846
5,538
6,344
5,547
Total
47,606
65,660
77,491
67,481


Source: Housing Finance, Australia (5609.0).


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