5609.0 - Housing Finance, Australia, Feb 2016 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 11/04/2016   
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SUMMARY OF FINDINGS


DWELLINGS FINANCED

Value of Dwellings Financed

The total value of dwelling commitments excluding alterations and additions (trend) fell 0.4% in February 2016 compared with January 2016, while the seasonally adjusted series rose 2.6% in February 2016.

The total value of owner occupied housing commitments (trend) fell (down $119m, 0.6%) in February 2016. Falls were recorded in commitments for the purchase of new dwellings (down $34m, 2.9%) and commitments for the purchase of established dwellings (down $85m, 0.5%), while a rise was recorded in commitments for the construction of dwellings (up $1m, 0.1%). The seasonally adjusted series for the total value of owner occupied housing commitments rose 1.7% in February 2016.

The total value of investment housing commitments (trend) was flat in February 2016 compared with January 2016. Rises were recorded for the value of commitments for the construction of dwellings for rent or resale (up $50m, 5%) and commitments for the purchase of dwellings by others for rent or resale (up $13m, 1.1%), and commitments for the purchase of dwellings by individuals for rent or resale (down $65m, 0.7%). The seasonally adjusted series for the total value of investment housing commitments rose 4.1% in February 2016.

Further detail can be found in Tables 11, 1 and 2 on the downloads tab of this release and in the PDF.

INVESTMENT HOUSING - TOTAL
Graph: INVESTMENT HOUSING - TOTAL



Number of Owner Occupied Dwellings Financed

The number of owner occupied housing commitments (trend) was flat in February 2016, after a rise of 0.3% in January 2016. A rise was recorded in commitments for the refinancing of established dwellings (up 163, 0.8%), while falls were recorded in the number commitments for the construction of dwellings (down 11, 0.2%), commitments for the purchase of new dwellings (down 44, 1.5%) and commitments for the purchase of established dwellings excluding refinancing (down 91, 0.3%). The seasonally adjusted series for the total number of owner occupied housing commitments rose 1.5% in February 2016.

Further detail can be found in Tables 1 and 2 on the downloads tab of this release and in the PDF.

Graph: Graph shows number of owner occupied dwellings financed


Number of Owner Occupied Dwellings Financed - State

Between January 2016 and February 2016, the number of owner occupied housing commitments (trend) rose in Queensland (up 75, 0.7%) and Tasmania (up 5, 0.5%), while Victoria was flat, the Australian Capital Territory (down 4, 0.4%), South Australia (down 5, 0.1%), Western Australia (down 6, 0.1%), the Northern Territory (down 7, 2.0%) and New South Wales (down 51, 0.3%).

The seasonally adjusted estimates rose in Victoria (up 187, 1.2%), New South Wales (up 131, 0.7%), South Australia (up 57, 1.6%) and Western Australia (up 24, 0.4%), while falls were recorded in the Northern Territory (down 28, 8.5%), the Australian Capital Territory (down 36, 3.6%), Tasmania (down 62, 6.6%) and Queensland (down 203, 1.9%).

Further detail can be found in Tables 5 and 6 on the downloads tab of this release and in the PDF.


First Home Buyer Commitments

In original terms, the number of first home buyer commitments as a percentage of total owner occupied housing finance commitments fell to 14.7% in February 2016 from 15.1% in January 2016. Between January 2016 and February 2016, the average loan size for first home buyers fell $11,300 to $327,500. The average loan size for all owner occupied housing commitments fell $15,200 to $357,200 for the same period.

Further detail can be found in Table 9a on the downloads tab of this release and in Table 9 of the PDF.


Number of Owner Occupied Dwellings Financed Excluding Refinancing

The number of owner occupied housing commitments excluding refinancing (trend) fell 0.4% in February 2016, following a fall of 0.3% in January 2016. The seasonally adjusted series rose 2.5% in February 2016, after a fall of 4.3% in January 2016.

Further detail can be found in Tables 1 and 2 on the downloads tab of this release and in the PDF.

Graph: Graph shows number of owner occupied dwellings financed, excluding refinancing


PURPOSE OF FINANCE (OWNER OCCUPATION)

Construction of dwellings

The number of finance commitments for the construction of dwellings for owner occupation (trend) fell 0.2% in February 2016, after being flat in January 2016. The seasonally adjusted series fell 1.9% in February 2016, following a fall of 2.8% in January 2016.

Further detail can be found in Tables 1 and 2 on the downloads tab of this release and in the PDF.

Graph: Graph shows commitments for construction of dwellings for owner occupation


Purchase of new dwellings

The number of finance commitments for the purchase of new dwellings for owner occupation (trend) fell 1.5% in February 2016, following a fall of 1.0% in January 2016. The seasonally adjusted series fell 15.4% in February 2016, following a fall of 4.2% in January 2016.

Further detail can be found in Tables 1 and 2 on the downloads tab of this release and in the PDF.

Graph: Graph shows commitments for the purchase of new dwellings for owner occupation


Purchase of established dwellings (including refinancing across lending institutions)

The number of finance commitments for the purchase of established dwellings for owner occupation (trend) rose 0.1% in February 2016, following a rise of 0.4% in January 2016. The seasonally adjusted series rose 3.0% in February 2016, after a fall of 4.7% in January 2016.

Further detail can be found in Tables 1 and 2 on the downloads tab of this release and in the PDF.

Graph: Graph shows number of owner occupied established dwellings financed, including refinancing


Refinancing

The number of refinancing commitments for owner occupied housing (trend) rose 0.8% in February 2016, following a rise of 1.2% in January 2016. The seasonally adjusted series fell 0.4% in February 2016, following a fall of 4.7% in January 2016.

Further detail can be found in Tables 1 and 2 on the downloads tab of this release and in the PDF.

Graph: Graph shows number of owner occupied dwellings refinanced


TYPE OF LENDER (OWNER OCCUPATION)

Banks

The number of commitments for owner occupied dwellings financed by banks (trend) fell 0.1% in February 2016, after a rise of 0.1% in January 2016. The seasonally adjusted series rose 1.7% in February 2016, after a fall of 5.1% in January 2016.

Further detail can be found in Tables 3 and 4 on the downloads tab of this release and in the PDF.

Graph: Graph shows number of owner occupied dwellings financed by banks


Non-banks

The number of commitments for owner occupied dwellings financed by non-banks (trend) rose 1.5% in February 2016, following a rise of 1.8% in January 2016. The seasonally adjusted series fell 1.3% in February 2016, after a rise of 3.3% in January 2016. The number of commitments for owner occupied dwellings financed by permanent building societies (trend) rose 3.8% in February 2016, following a rise of 3.9% in January 2016.

Further detail can be found in Tables 3 and 4 on the downloads tab of this release and in the PDF.

Graph: Graph shows number of owner occupied dwellings financed by non-banks


HOUSING LOAN OUTSTANDINGS

At the end of February 2016, the value of outstanding housing loans financed by Authorised Deposit-taking Institutions (ADIs) was $1,475b, up $8b (0.5%) from the January 2016 closing balance. Owner occupied housing loan outstandings financed by ADIs rose $7b (0.8%) to $946b and investment housing loan outstandings financed by ADIs rose $0.4b (0.1%) to $528b.

Bank housing loan outstandings rose $7b (0.5%) during February 2016 to reach a closing balance of $1,431b. Owner occupied housing loan outstandings of banks rose $7b (0.8%) to $913b and investment housing loan outstandings of banks rose $0.3b (0.1%) to $519b.

Further detail can be found in Table 12 on the downloads tab of this release and in the PDF.