5609.0 - Housing Finance, Australia, Feb 2013 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 15/04/2013   
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SUMMARY OF FINDINGS


DWELLINGS FINANCED

Value of Dwellings Financed (Tables 11, 1 & 2)

The total value of dwelling commitments excluding alterations and additions (trend) rose 0.6% in February 2013 compared with January 2013 and the seasonally adjusted series rose 1.4% in February 2013.

The total value of owner occupied housing commitments (trend) was flat in February 2013. Rises were recorded in commitments for the purchase of established dwellings (up $10m, 0.1%) and commitments for the construction of dwellings (up $1m, 0.1%), while a fall was recorded in commitments for the purchase of new dwellings (down $8m, 0.9%). The seasonally adjusted series for the total value of owner occupied housing commitments rose 1.2% in February 2013.

The total value of investment housing commitments (trend) rose ($115m, 1.5%) in February 2013 compared with January 2013. Rises were recorded in commitments for the purchase of dwellings by individuals for rent or resale (up $63m, 1.0%), commitments for the purchase of dwellings by others for rent or resale (up $31m, 3.6%) and commitments for the construction of dwellings for rent or resale (up $21m, 4.4%). The value of investment housing commitments seasonally adjusted rose 1.8% in February 2013.

INVESTMENT HOUSING - TOTAL
Graph: INVESTMENT HOUSING - TOTAL



Number of Owner Occupied Dwellings Financed (Tables 1 & 2)

The number of owner occupied housing commitments (trend) fell (down 243, 0.5%) in February 2013, following a fall of 0.5% in January. Falls were recorded in commitments for the purchase of established dwellings excluding refinancing (down 162, 0.7%), commitments for the refinancing of established dwellings (down 89, 0.6%) and commitments for the purchase of new dwellings (down 17, 0.7%), while a rise was recorded in commitments for the construction of dwellings (up 27, 0.5%). The seasonally adjusted estimate for the total number of owner occupied housing commitments rose (up 876, 2.0%) in February 2013.

Graph: Number of Owner Occupied Dwellings Financed


Number of Owner Occupied Dwellings Financed - State (Tables 5 & 6)

Between February 2013 and January 2013, the number of owner occupied housing commitments (trend) fell in New South Wales (down 114, 0.9%), Queensland (down 47, 0.5%), Tasmania (down 15, 2.1%), the Australian Capital Territory (down 2, 0.2%) and the Northern Territory (down 1, 0.2%), while rises were recorded in Western Australia (up 26, 0.4%), Victoria (up 9, 0.1%) and South Australia (up 2, 0.1%). The seasonally adjusted estimates rose in Queensland (up 334, 4.0%), New South Wales (up 275, 2.2%), Victoria (up 207, 1.7%), Western Australia (up 143, 2.1%) and the Australian Capital Territory (up 129, 20.3%), while falls were recorded in South Australia (down 88, 2.9%) and the Northern Territory (down 78, 18.3%). Tasmania was flat.


First Home Buyer Commitments (Table 9)

In original terms, the number of first home buyer commitments as a percentage of total owner occupied housing finance commitments fell to 14.4% in February 2013 from 15.0% in January 2013. Between February 2013 and January 2013, the average loan size for first home buyers fell $5,400 to $291,300. The average loan size for all owner occupied housing commitments fell $8,500 to $298,500 for the same period.


Number of Owner Occupied Dwellings Financed Excluding Refinancing (Tables 1 & 2)

The number of owner occupied housing commitments excluding refinancing (trend) fell 0.5% in February 2013, following a fall of 0.5% in January 2013. The seasonally adjusted series rose 2.0% in February 2013, after a fall of 0.2% in January 2013.

Graph: Number of owner occupied dwellings financed excluding refinancing


PURPOSE OF FINANCE (OWNER OCCUPATION)

Construction of dwellings (Tables 1 & 2)

The number of finance commitments for the construction of dwellings for owner occupation (trend) rose 0.5% in February 2013, following a rise of 0.4% in January 2013. The seasonally adjusted series rose 1.5% in February 2013, following a rise of 0.3% in January 2013.

Graph: Construction of dwellings


Purchase of new dwellings (Tables 1 & 2)

The number of finance commitments for the purchase of new dwellings for owner occupation (trend) fell 0.7% in February 2013, after being flat in January 2013. This is the first fall in thirteen months. The seasonally adjusted series rose 0.6% in February 2013, following a rise of 2.4% in January 2013.

Graph: Purchase of new dwellings


Purchase of established dwellings (including refinancing across lending institutions) (Tables 1 & 2)

The number of finance commitments for the purchase of established dwellings for owner occupation (trend) fell 0.7% in February 2013, following a fall of 0.7% in January 2013. The seasonally adjusted series rose 2.1% in February 2013, after a fall of 0.6% in January 2013.

Graph: Purchase of established dwellings including refinancing


Refinancing (Tables 1 & 2)

The number of refinancing commitments for owner occupied housing (trend) fell 0.6% in February 2013, following a fall of 0.7% in January 2013. The seasonally adjusted series rose 2.0% in February 2013, after a fall of 0.5% in January 2013.

Graph: Refinancing


TYPE OF LENDER (OWNER OCCUPATION)

Banks (Tables 3 & 4)

The number of commitments for owner occupied dwellings financed by banks (trend) fell 0.6% in February 2013, following a fall of 0.6% in January 2013. The seasonally adjusted series rose 2.1% in February 2013, after a fall of 0.6% in January 2013.

Graph: Banks


Non-banks (Tables 3 & 4)

The number of commitments for owner occupied dwellings financed by non-banks (trend) was flat in February 2013, after a fall of 0.2% in January 2013. The seasonally adjusted series rose 0.8% in February 2013, following a rise of 3.5% in January 2013. The number of commitments for owner occupied dwellings financed by permanent building societies (trend) rose 2.6% in February 2013, following a rise of 1.7% in January 2013. The seasonally adjusted series rose 25.3% in February 2013, after a fall of 0.6% in January 2013.

Graph: Non-banks


HOUSING LOAN OUTSTANDINGS

(Table 12)

At the end of February 2013, the value of outstanding housing loans financed by authorised deposit-taking institutions (ADIs) was $1,196,621m, up $4,610m (0.4%) from the January 2013 closing balance. Owner occupied housing loan outstandings financed by ADIs rose $2,715m (0.3%) to $807,887m and investment housing loan outstandings financed by ADIs rose $1,895m (0.5%) to $388,734m.

Bank housing loan outstandings rose $4,408m (0.4%) during February 2013 to reach a closing balance of $1,146,198m. Owner occupied housing loan outstandings of banks rose $2,564m (0.3%) to $767,334m and investment housing loan outstandings of banks rose $1,844m (0.5%) to $378,864m.