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The trend estimate of the total value of housing finance commitments for owner occupation in Queensland decreased from $2,549 million in October 2010 to $2,522 million in November 2010, to $2,486 million in December 2010 and to $2,442 million in January 2011. These were decreases of 1.0%, 1.4% and 1.7%, respectively. Over the year to January 2011, in trend estimate terms, the value of housing finance commitments decreased 15.5%.
Over the ten years from January 2001 to January 2011, the average home loan commitment for owner occupied dwellings in Queensland more than doubled from $121,000 to $268,800. The average home loan commitment has declined since reaching a peak of $283,900 in December 2009 and this decline has been continuous since August 2010, when the average commitment was $281,100.
The average loan size for first home buyers was $282,600 in October 2010, $273,000 in November 2010, $283,400 in December 2010 and $262,400 in January 2011. These represent changes of 0.1%, -3.4%, 3.8% and -7.4%, respectively, from the corresponding previous months.
Non-first home buyers had an average loan size of $276,900 in October 2010, $278,300 in November 2010, $270,600 in December 2010 and $269,900 in January 2011. These represent changes of -1.4%, 0.5%, -2.8% and -0.3%, respectively, from the corresponding previous months.
Further information on this topic is available in Housing Finance, Australia (cat. no. 5609.0) or by contacting the National Information and Referral Service on 1300 135 070. This publication is released monthly.