HOUSING FINANCE


HOUSING FINANCE COMMITMENTS

The trend estimate of the total value of housing finance commitments (owner occupation) in South Australia in February 2010 was $876m, a decrease of 4.7% from January 2010 ($920m) and the ninth consecutive decrease since the peak of $1,181m recorded in May 2009. As a result of these decreases, the series has fallen to a level similar to September 2008. Nationally, the value of housing finance commitments for owner occupation was $14,516m in February 2010, 15.2% lower than the peak recorded in June 2009 ($17,114m).

In February 2010, the average home loan size for owner occupied dwellings in South Australia was $214,200, a fall of 4.2% from the previous month, and 21.9% lower than the average home loan size for Australia ($274,400).

In February 2010, the average loan commitment for first home buyers in South Australia fell to $231,600; a decrease of 4.6% over the January estimate, but 9.6% higher than the average loan size for non-first home buyers ($211,400). The average loan commitment of first home buyers is now 13.7% below the peak of March 2009 ($268,300).

For information on the house price index, please refer to the ' Price Indexes' topic.