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 1.2% in March 2013 compared with February 2013 and the seasonally adjusted series rose 4.5% in March 2013.

The total value of owner occupied housing commitments (trend) rose ($161m, 1.1%) in March 2013. Rises were recorded in commitments for the purchase of established dwellings (up $129m, 1.1%), commitments for the purchase of new dwellings (up $16m, 1.8%) and commitments for the construction of dwellings (up $16m, 1.1%). The seasonally adjusted series for the total value of owner occupied housing commitments rose 5.8% in March 2013.

The total value of investment housing commitments (trend) rose ($109m, 1.4%) in March 2013 compared with February 2013. Rises were recorded in commitments for the purchase of dwellings by individuals for rent or resale (up $91m, 1.4%), commitments for the purchase of dwellings by others for rent or resale (up $11m, 1.3%) and commitments for the construction of dwellings for rent or resale (up $7m, 1.3%). The value of investment housing commitments seasonally adjusted rose 2.1% in March 2013.

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

The number of owner occupied housing commitments (trend) rose (up 316, 0.7%) in March 2013, following a rise of 0.5% in February. Rises were recorded in commitments for the purchase of established dwellings excluding refinancing (up 171, 0.7%), commitments for the construction of dwellings (up 83, 1.6%) and commitments for the purchase of new dwellings (up 76, 2.9%), while a fall was recorded in commitments for the refinancing of established dwellings (down 13, 0.1%). The seasonally adjusted estimate for the total number of owner occupied housing commitments rose (up 2,376, 5.2%) in March 2013.

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

Between March 2013 and February 2013, the number of owner occupied housing commitments (trend) rose in New South Wales (up 152, 1.2%), Victoria (up 113, 0.9%), Western Australia (up 86, 1.2%), Queensland (up 21, 0.3%), South Australia (up 18, 0.6%) and the Australian Capital Territory (up 11, 1.6%), while falls were recorded in the Northern Territory (down 9, 2.3%) and Tasmania (down 7, 1.1%). The seasonally adjusted estimates rose in New South Wales (up 1,036, 8.0%), Victoria (up 664, 5.2%), Western Australia (up 280, 4.0%), Queensland (up 157, 1.8%), South Australia (up 155, 5.3%), Tasmania (up 30, 4.2%) and the Australian Capital Territory (up 27, 3.5%), while a fall was recorded in the Northern Territory (down 6, 1.6%).


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 14.2% in March 2013 from 14.4% in February 2013. Between March 2013 and February 2013, the average loan size for first home buyers fell $100 to $291,200. The average loan size for all owner occupied housing commitments rose $2,600 to $301,100 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 1.1% in March 2013, following a rise of 0.9% in February 2013. The seasonally adjusted series rose 7.2% in March 2013, following a rise of 2.1% in February 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 1.6% in March 2013, following a rise of 1.4% in February 2013. The seasonally adjusted series rose 4.6% in March 2013, following a rise of 1.8% in February 2013.

Purchase of new dwellings (Tables 1 & 2)

The number of finance commitments for the purchase of new dwellings for owner occupation (trend) rose 2.9% in March 2013, following a rise of 2.8% in February 2013. This is the thirteenth consecutive rise. The seasonally adjusted series rose 21.1% in March 2013, following a rise of 0.4% in February 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 0.4% in March 2013, following a rise of 0.3% in February 2013. The seasonally adjusted series rose 4.2% in March 2013, following a rise of 2.2% in February 2013.

Refinancing (Tables 1 & 2)

The number of refinancing commitments for owner occupied housing (trend) fell 0.1% in March 2013, following a fall of 0.2% in February 2013. The seasonally adjusted series rose 1.1% in March 2013, following a rise of 2.1% in February 2013.

TYPE OF LENDER (OWNER OCCUPATION)

Banks (Tables 3 & 4)

The number of commitments for owner occupied dwellings financed by banks (trend) rose 0.7% in March 2013, following a rise of 0.5% in February 2013. The seasonally adjusted series rose 5.5% in March 2013, following a rise of 2.2% in February 2013.

Non-banks (Tables 3 & 4)

The number of commitments for owner occupied dwellings financed by non-banks (trend) rose 0.5% in March 2013, following a rise of 0.5% in February 2013. The seasonally adjusted series rose 2.0% in March 2013, following a rise of 1.1% in February 2013. The number of commitments for owner occupied dwellings financed by permanent building societies (trend) rose 3.1% in March 2013, following a rise of 3.0% in February 2013. The seasonally adjusted series fell 10.6% in March 2013, after a rise of 27.0% in February 2013.

HOUSING LOAN OUTSTANDINGS

(Table 12)

At the end of March 2013, the value of outstanding housing loans financed by authorised deposit-taking institutions (ADIs) was $1,201,926m, up $5,818m (0.5%) from the February 2013 closing balance. Owner occupied housing loan outstandings financed by ADIs rose $3,816m (0.5%) to $812,271m and investment housing loan outstandings financed by ADIs rose $2,002m (0.5%) to $389,655m.

Bank housing loan outstandings rose $7,827m (0.7%) during March 2013 to reach a closing balance of $1,153,512m. Owner occupied housing loan outstandings of banks rose $5,360m (0.7%) to $773,262m and investment housing loan outstandings of banks rose $2,467m (0.7%) to $380,250m.