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INVESTMENT AND FINANCE
PRIVATE NEW CAPITAL EXPENDITURE, Chain volume measures
In original current price terms, Western Australia's private new capital expenditure rose 13.7% ($790 million) to $6,569 million through the year to June 2008, lower than the previous year of 17.7% ($840 million). The main driver of growth was the mining industry (up 30.0% or $1,154 million), while manufacturing (down 4.3% or $20 million) and other selected industries (down 23.4% or $344 million) recorded declines over the same period.
HOUSING FINANCE COMMITMENTS
The number of dwellings financed for owner occupation (trend) in Western Australia continued to decline from 8,754 commitments in May 2007 to 6,200 commitments in July 2008. In the last four quarters, the number of dwellings financed have decreased, down 3.7% (960 commitments), 2.4% (600 commitments), 10.2% (2,496 commitments) and 12.7% (2,791 commitments) for the October 2007, January 2008, April 2008 and July 2008 quarters respectively.
HOUSING FINANCE COMMITMENTS, Number of dwellings financed
In the three months to July 2008, Western Australia's total value of finance for owner occupied housing (original) decreased by 3.1% ($162 million) to $5,000 million, compared with 8.5% ($478 million) in the previous three month period. The decline was attributable to the decrease in finance by non-first home buyers (down 5.0% or $212 million). In contrast, finance by first home buyers increased (up 5.6% or $51 million) in the three months to July 2008. Over the same period, the average loan size for first home buyers increased by 2.9% ($7,027) and for non-first home buyers by 1.7% ($4,017). The difference between the average loan size for first home buyers ($245,426) and non-first home buyers ($247,146) has narrowed, with first home buyers borrowing on average $1,720 less than the non-first home buyers .
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