SUMMARY OF FINDINGS


DWELLINGS FINANCED

Value of Dwellings Financed

The total value of dwelling commitments excluding alterations and additions (trend) increased 2.6% in April 2009 compared with March 2009 and the seasonally adjusted series increased 3.6% in April 2009.

The total value of owner occupied housing commitments (trend) rose 2.9% (up $453m) in April 2009, following a revised increase of 3.8% in March 2009. The increase in April was due to increases in the value of commitments for the purchase of established dwellings excluding refinancing (up $363m, 3.8%), the construction of dwellings (up $62m, 4.7%), the purchase of new dwellings (up $28m, 3.8%) and the refinancing of established dwellings (up $1m, 0.0%). The seasonally adjusted series for the value of owner occupied commitments increased 1.9% in April 2009.

The total value of investment housing commitments (trend) rose 1.5% (up $73m) in April 2009 compared with March 2009, following a revised increase of 1.1% in March 2009. The rise in April was due to increases in commitments for the purchase of dwellings by individuals for rent or resale (up $57m, 1.3%) and the purchase of dwellings by others for rent or resale (up $28m, 6.7%), while a decrease was recorded for the construction of dwellings for rent or resale (down $11m, 3.5%). The seasonally adjusted series rose 8.9% in April 2009.

Number of Owner Occupied Dwellings Financed

The number of owner occupied housing commitments (trend) increased 2.2% (up 1,288) in April 2009 compared with March 2009, following a revised increase of 2.9% in March 2009. Increases were recorded in commitments for the purchase of established dwellings excluding refinancing (up 953, 2.7%), the construction of dwellings (up 270, 5.1%) and the purchase of new dwellings (up 78, 3.1%). The refinancing of established dwellings fell (down 14, 0.1%). The seasonally adjusted estimates for the total number of owner occupied housing commitments rose 0.9% in April 2009.

The number of owner occupied housing commitments (trend) increased in all states and territories in April 2009 compared with March 2009: New South Wales (up 486, 2.7%), Queensland (up 277, 2.3%), Victoria (up 271, 2.0%), Western Australia (up 111, 1.6%), South Australia (up 61, 1.2%), the Australian Capital Territory (up 42, 3.8%), the Northern Territory (up 11, 2.3%) and Tasmania (up 7, 0.5%). The seasonally adjusted estimates increased in New South Wales, Western Australia, Northern Territory and Victoria, while all other states and territories recorded a decrease or no change.


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 27.3% in March 2009 to 28.0% in April 2009. This is the highest proportion recorded since the series commenced in 1991. Between March and April 2009, the average loan size for first home buyers fell $2,500 to $283,400, the second highest average value in the series. This is in contrast to the average loan size for all owner occupied housing commitments which rose $1,500 to $264,700 for the same period.


Number of Owner Occupied Dwellings Financed Excluding Refinancing

The number of owner occupied housing commitments excluding refinancing (trend) rose 3.1% in April 2009 compared with March 2009, following a revised increase of 3.9% in March 2009. The seasonally adjusted series rose 1.1% in April 2009.

PURPOSE OF FINANCE (OWNER OCCUPATION)

Construction of dwellings

The number of finance commitments for the construction of dwellings for owner occupation (trend) rose 5.1% in April 2009 compared with March 2009, following a revised increase of 6.2% in March 2009. The seasonally adjusted series rose 1.3% to 5,641, the highest level since January 2002.

Purchase of new dwellings

The number of finance commitments for the purchase of new dwellings for owner occupation (trend) rose 3.1% in April 2009 compared with March 2009, following a revised increase of 4.2% in March 2009. The seasonally adjusted series fell 0.5% in April 2009.

Purchase of established dwellings (including refinancing)

The number of finance commitments for the purchase of established dwellings for owner occupation (trend) rose 1.8% in April 2009 compared with March 2009, following a revised increase of 2.5% in March 2009. The seasonally adjusted series rose 0.9% in April 2009.

Refinancing

The number of refinancing commitments for owner occupied housing (trend) fell 0.1% in April 2009 compared with March 2009, following a revised increase of 0.4% in March 2009. The seasonally adjusted series rose 0.3% in April 2009.

TYPE OF LENDER (OWNER OCCUPATION)

Banks

The number of owner occupied dwellings financed by banks (trend) rose 2.2% in April 2009 compared with March 2009, after a revised increase of 3.0% in March 2009. The seasonally adjusted series rose 0.6% in April 2009.

Non-banks

The number of owner occupied dwellings financed by non-banks (trend) rose 1.8% in April 2009 compared with March 2009, after a revised increase of 2.1% in March 2009. The seasonally adjusted series for the number of owner occupied dwellings financed by non-banks increased 3.5% in April 2009. The number of commitments for owner occupied dwellings financed by wholesale lenders n.e.c. (trend) increased 0.9%. The seasonally adjusted series was unchanged.

HOUSING LOAN OUTSTANDINGS

At the end of April 2009, the value of outstanding housing loans financed by authorised deposit-taking institutions was $863,621m, up $10,589m (1.2%) from the March 2009 closing balance. Owner occupied housing loan outstandings financed by authorised deposit-taking institutions increased $8,628m (1.5%) to $598,632m and investment housing loans financed by authorised deposit-taking institutions increased $1,961m (0.7%) to $264,989m.

Bank housing loan outstandings increased $10,109m (1.2%) during April 2009 to reach a closing balance of $819,432m. Owner occupied housing loan outstandings of banks increased $8,270m (1.5%) to $562,146m and investment housing loan outstandings of banks increased $1,839m (0.7%) to $257,286m.