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HOUSING FINANCE COMMITMENTS
- After falling to its lowest point for many years in July 2008 (6,282 in trend terms), the number of dwellings financed rose for the following 9 months, reaching 7,343 in May 2009. In recent months, the trend figure has decreased marginally to 7,243 in August 2009.
- Lower bank interest rates and government initiatives to stimulate the economy appear to have had a positive effect on the number of dwellings financed throughout much of the last financial year. The August 2009 trend figure was more than 15% higher than for August 2008.
- In seasonally adjusted terms, the number of dwellings financed decreased by 4.5% in the month of August 2009, still almost 9% higher than in August 2008.
3 August key figures |
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 | Trend estimates | Seasonally adjusted estimates |
| Aug 09 | % change from | | Aug 09 | % change from | |
| | Jul 09 | Aug 08 | | Jul 09 | Aug 08 |
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Total no. dwellings financed(a)
(no.) | 7 243 | 0.8 | 15.1 | 6 914 | -4.5 | 8.6 |
Total value dwellings financed(a)(b)
($m) | 2 075.3 | 0.4 | 31.6 | 1 991.4 | -2.1 | 24.9 |
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| (a) Includes refinancing. |
| (b) Excludes revolving credit. |
| Source: Housing Finance, Australia, cat. no. 5609.0. |
- For the total value of dwellings financed, there was a marginal increase (0.4%), in trend terms, in the month of August 2009. In the year to August, the total value rose from $1.57 billion to $2.08 billion, an increase of nearly 32%.
- In seasonally adjusted terms, the August 2009 value fell by 2.1% from the previous month but was almost 25% higher than in the same month of the previous year.
- The second half of the 2008-09 financial year saw a steady increase in the number of loans to first home-buyers, culminating in a record number in June 2009 (2,500 in original terms). During this period, Western Australians were continuing to take advantage of low interest rates, falling house prices and government first home-buyer grants.
- With the advent of the new financial year, the number of loans to first home-buyers commenced to fall, dropping to 1,848 in August 2009. This suggests a rush to finalise first home-buyer grant applications before 30 June, based on the widespread belief that the grant would be rolled back to pre-GFC levels in the new financial year.
- Despite this recent fall in the number of loans to first home-buyers, the August 2009 figure was 46% higher than the figure for August 2008.
- From August 2008 to August 2009, the size of the average loan for first home buyers increased by 14.5%, from $254,000 to $290,800.
4 Housing finance commitments for owner occupation(a), by type of buyer: original |
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| | FIRST HOME BUYERS |
| | Number of dwellings financed | Total value of dwelling commitments | Average loan size |
| Reference period | no. | $m | $'000 |
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| 2007-2008 | 16 445 | 3 956.9 | 240.6 |
| 2008-2009 | 20 782 | 5 861.3 | 282.0 |
| 2008 | | | |
| June | 1 260 | 298.5 | 236.9 |
| July | 1 425 | 355.7 | 249.6 |
| August | 1 264 | 321.1 | 254.0 |
| September | 1 240 | 316.9 | 255.6 |
| October | 1 307 | 348.1 | 266.4 |
| November | 1 384 | 389.8 | 281.7 |
| December | 1 772 | 486.1 | 274.3 |
| 2009 | | | |
| January | 1 589 | 449.5 | 282.9 |
| February | 1 802 | 540.4 | 299.9 |
| March | 2 126 | 624.9 | 293.9 |
| April | 2 008 | 600.1 | 298.9 |
| May | 2 365 | 695.9 | 294.2 |
| June | 2 500 | 732.8 | 293.1 |
| July | 2 347 | 685.2 | 291.9 |
| August | 1 848 | 537.4 | 290.8 |
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| (a) Excludes alterations and additions. Includes refinancing. |
Source: Housing Finance, Australia, cat. no. 5609.0
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- For buyers of second and subsequent homes, the number of dwellings financed was very volatile in the 12 months to August 2009 in original terms. Following rises in May and June, the numbers fell in the new financial year, dropping to 5,067 in August. This figure was slightly lower than the August 2008 figure of 5,193.
5 Housing finance commitments for owner occupation(a), by type of buyer: original |
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| | NON-FIRST HOME BUYERS |
| | Number of dwellings financed | Total value of dwelling commitments | Average loan size |
| Reference period | no. | $m | $'000 |
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| 2007-2008 | 76 326 | 18 247.3 | 239.1 |
| 2008-2009 | 61 093 | 15 984.7 | 261.6 |
| 2008 | | | |
| June | 5 165 | 1 281.5 | 248.1 |
| July | 5 684 | 1 423.4 | 250.4 |
| August | 5 193 | 1 286.9 | 247.8 |
| September | 4 879 | 1 237.0 | 253.5 |
| October | 5 359 | 1 391.0 | 259.6 |
| November | 4 518 | 1 121.3 | 248.2 |
| December | 5 020 | 1 308.4 | 260.6 |
| 2009 | | | |
| January | 4 345 | 1 098.9 | 252.9 |
| February | 4 701 | 1 219.3 | 259.4 |
| March | 5 410 | 1 476.5 | 272.9 |
| April | 4 921 | 1 376.5 | 279.7 |
| May | 5 385 | 1 483.1 | 275.4 |
| June | 5 678 | 1 562.4 | 275.2 |
| July | 5 562 | 1 574.8 | 283.1 |
| August | 5 067 | 1 463.2 | 288.8 |
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| (a) Excludes alterations and additions. Includes refinancing. |
| Source: Housing Finance, Australia, cat. no. 5609.0 |
To view Excel spreadsheet: Housing Finance Commitments
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