SUMMARY OF FINDINGS


DWELLINGS FINANCED

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

The total value of dwelling commitments excluding alterations and additions (trend) fell 0.2% in March 2012 compared with February 2012, while the seasonally adjusted series fell 0.5% in March 2012.

The total value of owner occupied housing commitments (trend) fell ($69m, 0.5%) in March 2012 following a fall of 0.4% in February 2012. Falls were recorded in commitments for the purchase of established dwellings (down $64m, 0.6%) and commitments for the purchase of new dwellings (down $11m, 1.7%), while commitments for the construction of dwellings rose ($7m, 0.5%). The seasonally adjusted series for the total value of owner occupied housing commitments fell 0.3% in March 2012.

The total value of investment housing commitments (trend) rose ($25m, 0.4%) in March 2012 compared with February 2012. A rise was recorded in commitments for the purchase of dwellings by individuals for rent or resale ($41m, 0.7%), while falls were recorded in commitments for the purchase of dwellings by others for rent or resale (down $13m, 2.4%) and commitments for the construction of dwellings for rent or resale (down $3m, 0.7%). The value of investment housing commitments seasonally adjusted fell 1.0% in March 2012.

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

The number of owner occupied housing commitments (trend) fell (196, 0.4%) in March 2012, following a fall of 0.3% in February 2012. Falls were recorded in the purchase of established dwellings excluding refinancing (down 355, 1.5%) and commitments for the purchase of new dwellings (down 24, 1.3%), while rises were recorded in commitments for the refinancing of established dwellings (up 126, 0.8%) and the construction of dwellings (up 57, 1.1%). The seasonally adjusted estimate for the total number of owner occupied housing commitments rose (158, 0.3%) in March 2012.

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

Between March 2012 and February 2012, the number of owner occupied housing commitments (trend) fell in New South Wales (down 306, 2.2%), Tasmania (down 15, 1.7%), South Australia (down 3, 0.1%), and the Australian Capital Territory (down 2, 0.2%), while rises were recorded in Western Australia (up 119, 1.8%), Queensland (up 97, 1.1%), Victoria (up 46, 0.4%), and the Northern Territory (up 9, 2.6%). The seasonally adjusted estimates rose in Western Australia (up 232, 3.5%), Queensland (up 176, 2.0%), the Northern Territory (up 73, 23.0%) and New South Wales (up 12, 0.1%), while falls were recorded in Victoria (down 79, 0.6%), Tasmania (down 37, 4.5%), the Australian Capital Territory (down 22, 2.6%), and South Australia (down 14, 0.4%).


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 16.4% in March 2012 from 17.2% in February 2012. Between March 2012 and February 2012, the average loan size for first home buyers rose $2,000 to $279,600. The average loan size for all owner occupied housing commitments rose $1,700 to $284,500 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 1.1% in March 2012, following a fall of 1.0% in February 2012. The seasonally adjusted series rose 0.2% in March 2012, after a fall of 4.3% in February 2012.

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 March 2012 compared with February 2012, following a rise of 1.2% in February 2012. The seasonally adjusted series rose 0.2% in March 2012, following a rise of 3.0% in February 2012.

Purchase of new dwellings (Tables 1 & 2)

The number of finance commitments for the purchase of new dwellings for owner occupation (trend) fell 1.3% in March 2012, following a fall of 1.7% in February 2012. The seasonally adjusted series rose 13.4% in March 2012, after a fall of 11.9% in February 2012.

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 0.6% in March 2012 compared with February 2012, following a fall of 0.4% in February 2012. The seasonally adjusted series fell 0.2% in March 2012 following a fall of 2.7% in February 2012.

Refinancing (Tables 1 & 2)

The number of refinancing commitments for owner occupied housing (trend) rose 0.8% in March 2012 compared with February 2012, following a rise of 0.9% in February 2012. The seasonally adjusted series rose 0.5% in March 2012, following a rise of 1.0% in February 2012.

TYPE OF LENDER (OWNER OCCUPATION)

Banks (Tables 3 & 4)

The number of commitments for owner occupied dwellings financed by banks (trend) fell 0.3% in March 2012 compared with February 2012, following a fall of 0.2% in February 2012. The seasonally adjusted series rose 0.5% in March 2012.

Non-banks (Tables 3 & 4)

The number of commitments for owner occupied dwellings financed by non-banks (trend) fell 1.4% in March 2012, following a fall of 1.1% in February 2012. The seasonally adjusted series fell 1.0% in March 2012, following a fall of 1.2% in February 2012. The number of commitments for owner occupied dwellings financed by permanent building societies (trend) fell 5.6% in March 2012. The seasonally adjusted series rose 20.4% in March 2012, following a rise of 3.3% in February 2012, and falls of 22.4% in January 2012 and 27.2% in December 2011.

HOUSING LOAN OUTSTANDINGS

(Table 12)

At the end of March 2012, the value of outstanding housing loans financed by authorised deposit-taking institutions (ADIs) was $1,149,516m, up $6,155m (0.5%) from the February 2012 closing balance. Owner occupied housing loan outstandings financed by ADIs rose $3,761m (0.5%) to $775,490m and investment housing loans financed by ADIs rose $2,394m (0.6%) to $374,026m.

Bank housing loan outstandings rose $6,880m (0.6%) during March 2012 to reach a closing balance of $1,098,335m. Owner occupied housing loan outstandings of banks rose $4,319m (0.6%) to $733,601m and investment housing loan outstandings of banks rose $2,561m (0.7%) to $364,734m.