SUMMARY OF FINDINGS


DWELLINGS FINANCED

Value of Dwellings Financed

The total value of dwelling commitments excluding alterations and additions (trend) increased 0.3% in September 2009 compared with August 2009 and the seasonally adjusted series increased 4.8% in September 2009.

The total value of owner occupied housing commitments (trend) remained flat (up $7m, 0.0%) in September 2009, following a revised increase of 0.3% in August 2009. The increases in commitments for the construction of dwellings (up $29m, 1.8%) and the purchase of new dwellings (up $8m, 1.0% ) was offset by a decrease in the purchase of established dwellings (down $30m, 0.2%). The seasonally adjusted series for the value of owner occupied commitments rose 6.7% in September 2009.

The total value of investment housing commitments (trend) rose 0.8% (up $52m) in September 2009 compared with August 2009, following a revised increase of 1.4% in August 2009. The rise in September was due to increases in commitments for the purchase of dwellings by individuals for rent or resale (up $46m, 0.9%) and the purchase of dwellings by others for rent or resale (up $9m, 1.3%). Commitments for the construction of dwellings for rent or resale fell (down $3m, 0.7%). The seasonally adjusted series fell 0.1% in September 2009.

Number of Owner Occupied Dwellings Financed

The number of owner occupied housing commitments (trend) remained unchanged (up 10, 0.0%) in September 2009 compared with August 2009, following an increase of 0.2% in August 2009. Increases were recorded in commitments for the purchase of established dwellings excluding refinancing (up 108, 0.3%), commitments for the construction of dwellings (up 149, 2.2%) and the purchase of new dwellings (up 13, 0.5%). These increases were offset by a decrease in commitments for the refinancing of established dwellings (down 260, 1.6%). The seasonally adjusted estimates for the total number of owner occupied housing commitments rose 5.1% in September 2009.

In September 2009 compared with August 2009 the number of owner occupied housing commitments (trend) increased in: Victoria (up 87, 0.6%), South Australia (up 28, 0.5%) and Western Australia (up 12, 0.2%). Decreases were recorded in Queensland (down 66, 0.5%), New South Wales (down 39, 0.2%), Tasmania (down 13, 1.1%), Northern Territory (down 9, 1.8%) and the Australian Capital Territory (down 7, 0.7%). The seasonally adjusted estimates increased in all states. The Northern Territory and Australian Capital Territory recorded decreases.


First Home Buyer Commitments

In original terms, the number of first home buyer commitments as a percentage of total owner occupied housing finance commitments increased from 24.7% in August 2009 to 26.1% in September 2009. Between August and September 2009, the average loan size for first home buyers rose $3,800 to $274,600. The average loan size for all owner occupied housing commitments rose $2,900 to $269,500 for the same period.


Number of Owner Occupied Dwellings Financed Excluding Refinancing

The number of owner occupied housing commitments excluding refinancing (trend) rose 0.6% in September 2009 compared with August 2009, following a revised increase of 0.8% in August 2009. The seasonally adjusted series rose 6.2% in September 2009.

PURPOSE OF FINANCE (OWNER OCCUPATION)

Construction of dwellings

The number of finance commitments for the construction of dwellings for owner occupation (trend) rose 2.2% in September 2009 compared with August 2009, following a revised increase of 3.0% in August 2009. The seasonally adjusted series rose 8.0% to 7,221, the highest level since December 1994.

Purchase of new dwellings

The number of finance commitments for the purchase of new dwellings for owner occupation (trend) rose 0.5% in September 2009 compared with August 2009, following a revised increase of 0.9% in August 2009. The seasonally adjusted series fell 0.6% in August 2009.

Purchase of established dwellings (including refinancing across lending institutions)

The number of finance commitments for the purchase of established dwellings for owner occupation (trend) decreased 0.3% in September 2009 compared with August 2009, following a revised decrease of 0.1% in August 2009. The seasonally adjusted series rose 5.0% in September 2009.

Refinancing

The number of refinancing commitments for owner occupied housing (trend) decreased 1.6% in September 2009 compared with August 2009, following a revised decrease of 1.4% in August 2009. The seasonally adjusted series rose 2.0% in September 2009.

TYPE OF LENDER (OWNER OCCUPATION)

Banks

The number of owner occupied dwellings financed by banks (trend) decreased 0.1% in September 2009 compared with August 2009, after a revised increase of 0.1% in August 2009. The seasonally adjusted series rose 4.6% in September 2009.

Non-banks

The number of owner occupied dwellings financed by non-banks (trend) rose 0.8% in September 2009 compared with August 2009, after a revised increase of 1.1% in August 2009. The seasonally adjusted series for the number of owner occupied dwellings financed by non-banks increased 9.7% in September 2009. The number of commitments for owner occupied dwellings financed by Permanent building societies (trend) decreased 2.3%. The seasonally adjusted series increased 5.8%.

HOUSING LOAN OUTSTANDINGS

At the end of September 2009, the value of outstanding housing loans financed by authorised deposit-taking institutions was $921,451m, up $9,166m (1.0%) from the August 2009 closing balance. Owner occupied housing loan outstandings financed by authorised deposit-taking institutions increased $7,267m (1.1%) to $643,829m and investment housing loans financed by authorised deposit-taking institutions increased $1,899m (0.7%) to $277,622m.

Bank housing loan outstandings increased $9,088m (1.0%) during September 2009 to reach a closing balance of $875,239m. Owner occupied housing loan outstandings of banks increased $7,212m (1.2%) to $605,522m and investment housing loan outstandings of banks increased $1,876m (0.7%) to $269,717m.