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INVESTMENT AND FINANCE
PRIVATE NEW CAPITAL EXPENDITURE, Chain volume measures
In original current prices terms, Western Australia's business investment has slowed. In the year to September 2007 business investment rose 21.8% (up $898 million), whereas in the year to March 2008, business investment rose 15.4% (up $730 million) to $5,467 million. The rise between the March quarter 2007 and 2008, was driven by increased investment in the mining industry, up 29.4% (up $966 million). Both Other selected industries (including retail trade, property and business services and construction) (down 18.7% or $202 million) and Manufacturing (down 9.3% or $35 million) recorded a decline in expenditure over the same period.
HOUSING FINANCE COMMITMENTS
The number of dwellings financed for owner occupation (trend) in Western Australia has fallen for eleven consecutive months, peaking at 8,713 commitments in May 2007 down to 7,285 commitments in April 2008. Increase in the number of dwellings financed has slowed, from a growth of 0.8% (217 commitments) in the three months to July 2007, declining for three consecutive quarters - down 3.2% (838 commitments), 2.3% (584 commitments) and 7.8% (1,915 commitments) for the October 2007, January 2008 and April 2008 quarters respectively.
A similar pattern followed in original terms, the number of dwellings financed in Western Australia increased by 11.8% (2,912 commitments) in the three months to July 2007, followed by three consecutive decreases of 9.0% (2,472 commitments), 3.5% (875 commitments) and 12.1% (2,935 commitments) in the three months to October 2007, January 2008 and April 2008 respectively. Dwellings financed by non-first home buyers (down 12.4% or 2,469 commitments) and first home buyers (down 10.9% or 466 commitments) both recorded decreases in the three months to April 2008.
HOUSING FINANCE COMMITMENTS, Number of dwellings financed
In the three months to April 2008, the total value of housing finance for owner occupation (original) in Western Australia decreased by 8.5% ($478 million) to $5,162 million, with both first home buyers (down 8.8% or $87 million) and non-first home buyers (down 8.4% or $391 million) recording falls, compared to the previous three months. The average loan size for first home buyers increased by 2.4% ($5,562) and for non-first home buyers increased by 4.5% ($10,503). In the three months to April 2008, the average loan size for first home buyers ($238,399) was $4,730 less than for non-first home buyers ($243,129).
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