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 0.2% in March 2014 compared with February 2014, and the seasonally adjusted series fell 1.1% in March 2014.

The total value of owner occupied housing commitments (trend) rose (up $24m, 0.1%) in March 2014. Rises were recorded in commitments for the construction of dwellings (up $32m, 1.8%) and commitments for the purchase of established dwellings (up $7m, 0.1%), while commitments for the purchase of new dwellings fell (down $15m, 1.6%). The seasonally adjusted series for the total value of owner occupied housing commitments fell 1.2% in March 2014.

The total value of investment housing commitments (trend) rose ($42m, 0.4%) in March 2014 compared with February 2014. Rises were recorded in commitments for the purchase of dwellings by others for rent or resale (up $36m, 3.5%), commitments for the construction of dwellings for rent or resale (up $8m, 1.2%), while the purchase of dwellings by individuals for rent or resale was flat. The value of investment housing commitments seasonally adjusted fell 0.8% in March 2014.

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

The number of owner occupied housing commitments (trend) fell (down 57, 0.1%) in March 2014, after a rise of 0.1% in February 2014. Rises were recorded in commitments for the construction of dwellings (up 106, 1.7%) and in commitments for the refinancing of established dwellings (up 12, 0.1%), while falls were recorded in commitments for the purchase of established dwellings excluding refinancing (down 137, 0.5%) and commitments for the purchase of new dwellings (down 38, 1.4%). The seasonally adjusted estimate for the total number of owner occupied housing commitments fell (down 477, 0.9%) in March 2014.

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

Between March 2014 and February 2014, the number of owner occupied housing commitments (trend) rose in Western Australia (up 35, 0.5%), Queensland (up 19, 0.2%), the Australian Capital Territory (up 10, 1.2%) and in the Northern Territory (up 3, 0.8%), while falls were recorded in Victoria (down 45, 0.3%), New South Wales (down 39, 0.3%), South Australia (down 18, 0.5%) and Tasmania (down 3, 0.4%). The seasonally adjusted estimates rose in Victoria (up 64, 0.5%), South Australia (up 57, 1.7%), the Australian Capital Territory (up 41, 5.1%) and Tasmania (up 18, 2.1%), while falls were recorded in Queensland (down 217, 2.2%), Western Australia (down 202, 2.5%), New South Wales (down 171, 1.1%) and the Northern Territory (down 48, 12.5%).


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 rose to 12.6% in March 2014 from 12.5% in February 2014. Between March 2014 and February 2014, the average loan size for first home buyers rose $700 to $302,800. The average loan size for all owner occupied housing commitments rose $3,900 to $319,300 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 0.2% in March 2014, after a rise of 0.1% in February 2014. The seasonally adjusted series fell 0.9% in March 2014, after a rise of 0.7% in February 2014.

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 1.7% in March 2014, following a rise of 2.1% in February 2014. This is the sixteenth consecutive rise since December 2012. The seasonally adjusted series rose 2.1% in March 2014, following a rise of 0.7% in February 2014.

Purchase of new dwellings (Tables 1 & 2)

The number of finance commitments for the purchase of new dwellings for owner occupation (trend) fell 1.4% in March 2014, following a fall of 1.7% in February 2014. The seasonally adjusted series rose 1.6% in March 2014, after a fall of 4.3% in February 2014.

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 0.3% in March 2014, after being flat in February 2014. The seasonally adjusted series fell 1.5% in March 2014, after a rise of 3.0% in February 2014.

Refinancing (Tables 1 & 2)

The number of refinancing commitments for owner occupied housing (trend) rose 0.1% in March 2014, following a rise of 0.1% in February 2014. The seasonally adjusted series fell 1.0% in March 2014, after a rise of 5.9% in February 2014.

TYPE OF LENDER (OWNER OCCUPATION)

Banks (Tables 3 & 4)

The number of commitments for owner occupied dwellings financed by banks (trend) fell 0.2% in March 2014, after being flat in February 2014. The seasonally adjusted series fell 0.9% in March 2014, after a rise of 2.4% in February 2014.

Non-banks (Tables 3 & 4)

The number of commitments for owner occupied dwellings financed by non-banks (trend) rose 1.3% in March 2014, following a rise of 1.5% in February 2014. The seasonally adjusted series fell 1.6% in March 2014, after a rise of 1.1% in February 2014. The number of commitments for owner occupied dwellings financed by permanent building societies (trend) fell 0.1% in March 2014, following a fall of 0.3% in February 2014. The seasonally adjusted series rose 3.1% in March 2014, after a fall of 2.1% in February 2014.

HOUSING LOAN OUTSTANDINGS

(Table 12)

At the end of March 2014, the value of outstanding housing loans financed by authorised deposit-taking institutions (ADIs) was $1,283,287m, up $7,955m (0.6%) from the February 2014 closing balance. Owner occupied housing loan outstandings financed by ADIs rose $4,961m (0.6%) to $858,252m and investment housing loan outstandings financed by ADIs rose $2,994m (0.7%) to $425,035m.

Bank housing loan outstandings rose $5,225m (0.4%) during March 2014 to reach a closing balance of $1,236,613m. Owner occupied housing loan outstandings of banks rose $2,698m (0.3%) to $820,710m and investment housing loan outstandings of banks rose $2,527m (0.6%) to $415,903m.