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 1.8% in December 2013 compared with November 2013 and the seasonally adjusted series rose 0.2% in December 2013.

The total value of owner occupied housing commitments (trend) rose (up $163m, 1.0%) in December 2013. Rises were recorded in commitments for the purchase of established dwellings (up $148m, 1.1%), commitments for the construction of dwellings (up $16m, 1.0%), while commitments for the purchase of new dwellings fell ($1m, 0.1%). The seasonally adjusted series for the total value of owner occupied housing commitments fell 1.5% in December 2013.

The total value of investment housing commitments (trend) rose ($308m, 3.0%) in December 2013 compared with November 2013. Rises were recorded in commitments for the purchase of dwellings by individuals for rent or resale (up $245m, 2.8%), commitments for the purchase of dwellings by others for rent or resale (up $33m, 3.7%) and commitments for the construction of dwellings for rent or resale (up $29m, 4.2%). The value of investment housing commitments seasonally adjusted rose 2.9% in December 2013.

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

The number of owner occupied housing commitments (trend) rose (up 140, 0.3%) in December 2013, following a rise of 0.5% in November 2013. Rises were recorded in commitments for the purchase of established dwellings excluding refinancing (up 175, 0.7%) and commitments for the construction of dwellings (up 62, 1.1%), while falls were recorded in commitments for the refinancing of established dwellings (down 66, 0.4%) and commitments for the purchase of new dwellings (down 32, 1.1%). The seasonally adjusted estimate for the total number of owner occupied housing commitments fell (down 999, 1.9%) in December 2013.

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

Between December 2013 and November 2013, the number of owner occupied housing commitments (trend) rose in New South Wales (up 145, 1.0%) Queensland (up 13, 0.1%) Western Australia (up 7, 0.1%) Tasmania (up 4, 0.4%), while falls were recorded in Victoria (down 75, 0.5%), the Australian Capital Territory (down 8, 1.0%) and the Northern Territory (down 7, 2%). South Australia was flat. The seasonally adjusted estimates fell in New South Wales (down 347, 2.2%) Western Australia (down 289, 3.7%) Queensland (down 174, 1.8%) Tasmania (down 64, 7.3%), the Northern Territory (down 58, 16%) and South Australia (down 3, 0.1%), while rises were recorded in the Australian Capital Territory (up 14, 1.8%) and Victoria (up 12, 0.1%).


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 rose to 12.7% in December 2013 from 12.3% in November 2013. Between December 2013 and November 2013, the average loan size for first home buyers rose $6,400 to $305,000. The average loan size for all owner occupied housing commitments rose $2,000 to $322,100 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) rose 0.6% in December 2013, following a rise of 0.7% in November 2013. The seasonally adjusted series fell 1.0% in December 2013, after a rise of 1.6% in November 2013.

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 1.1% in December 2013, following a rise of 1.3% in November 2013. This is the thirteenth consecutive rise since December 2012. The seasonally adjusted series rose 0.4% in December 2013, following a rise of 2.6% in November 2013.

Purchase of new dwellings (Tables 1 & 2)

The number of finance commitments for the purchase of new dwellings for owner occupation (trend) fell 1.1% in December 2013, following a fall of 1.1% in November 2013. The seasonally adjusted series fell 1.9% in December 2013, following a fall of 4.4% in November 2013.

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) rose 0.3% in December 2013, following a rise of 0.5% in November 2013. This is the twelfth consecutive rise since January 2013. The seasonally adjusted series fell 2.2% in December 2013, after a rise of 1.6% in November 2013.

Refinancing (Tables 1 & 2)

The number of refinancing commitments for owner occupied housing (trend) fell 0.4% in December 2013, following a fall of 0.1% in November 2013. This is the second consecutive fall since November 2013. The seasonally adjusted series fell 3.7% in December 2013, after a rise of 0.8% in November 2013.

TYPE OF LENDER (OWNER OCCUPATION)

Banks (Tables 3 & 4)

The number of commitments for owner occupied dwellings financed by banks (trend) rose 0.3% in December 2013, following a rise of 0.5% in November 2013. The seasonally adjusted series fell 1.9% in December 2013, after a rise of 1.5% in November 2013.

Non-banks (Tables 3 & 4)

The number of commitments for owner occupied dwellings financed by non-banks (trend) fell 0.3% in December 2013, following a fall of 0.3% in November 2013. The seasonally adjusted series fell 2.1% in December 2013, following a fall of 0.2% in November 2013. The number of commitments for owner occupied dwellings financed by permanent building societies (trend) rose 0.1% in December 2013, following a rise of 0.5% in November 2013. The seasonally adjusted series fell 4.2% in December 2013, after a rise of 2.2% in November 2013.

HOUSING LOAN OUTSTANDINGS

(Table 12)

At the end of December 2013, the value of outstanding housing loans financed by authorised deposit-taking institutions (ADIs) was $1,263,454m, up $8,541m (0.7%) from the November 2013 closing balance. Owner occupied housing loan outstandings financed by ADIs rose $4,904m (0.6%) to $847,144m and investment housing loan outstandings financed by ADIs rose $3,637m (0.9%) to $416,310m.

Bank housing loan outstandings rose $8,420m (0.7%) during December 2013 to reach a closing balance of $1,217,499m. Owner occupied housing loan outstandings of banks rose $4,834m (0.6%) to $810,163m and investment housing loan outstandings of banks rose $3,586m (0.9%) to $407,336m.