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In 2002-03, a total of 629,859 housing finance commitments were made by all lenders, down slightly on the previous year total of 630,764. The total value of commitments increased to $106,659m, up from $96,482m in 2001-02. The average loan size increased to $169,340 in 2002-03, rising from $152,960 in 2001-02.
Construction finance commitments weakened throughout 2002-03, falling by 16.8% from the previous year to 64,532 commitments. Commitments to purchase new dwellings fell by 13.5% from 2002-03 to 17,526. The total value of commitments fell only slightly to $10,911m (down 5.4%) for the construction of dwellings and $3,429m (down 2.3%) for the purchase of new dwellings.
The strongest housing finance growth was recorded for the purchase of established dwellings. The number of commitments recorded for 2002-03 rose to 547,801 an increase of 2.8% from 2001-02. The total value of commitments also continued to grow, increasing by 13.4% in 2002-03 to reach $92,318m. The total value of housing finance commitments for established dwellings increased by 43.6% from the level recorded in 2000-01. The average loan size for the purchase of established dwellings increased to $168,520 in 2002-03, rising from $152,810 in 2001-02.
In number terms, bank commitments fell by 2.1% in 2002-03, while commitments from permanent building societies fell by 5.2%. Other lenders, which include credit unions and wholesale lenders, increased by 8.5% in the 2002-03 financial year, capturing 21.6% of the housing lending market. In results similar to the last financial year, the average housing loan size for banks increased the most of the three lending types, up 13.1% to $175,680.
There were 99,488 commitments to first home buyers in 2002-03, down on the previous year total of 142,318. First home buyers accounted for 15.8% of all commitments for owner occupied housing in 2002-03, down from the 2001-02 figure of 22.6%.
8.18 SECURED HOUSING FINANCE COMMITMENTS(a), By purpose and type of lender(b)
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 | | | Type of lender | |
| | |
| |
| | Units | Banks | Permanent
building societies | Other
lenders(c) | Total |
|
CONSTRUCTION OF DWELLINGS |
|
| Dwelling units | | | | | |
| 1999-2000 | no. | 65,673 | 3,276 | 6,733 | 75,682 |
| 2000-01 | no. | 44,127 | 2,755 | 6,105 | 52,987 |
| 2001-02 | no. | 66,009 | 3,697 | 7,861 | 77,567 |
| 2002-03 | no. | 55,287 | 2,608 | 6,637 | 64,532 |
| Value of commitments | | | | | |
| 1999-2000 | $m | 9,293 | 474 | 850 | 10,617 |
| 2000-01 | $m | 6,088 | 412 | 894 | 7,394 |
| 2001-02 | $m | 9,873 | 548 | 1,111 | 11,532 |
| 2002-03 | $m | 9,539 | 417 | 955 | 10,911 |
|
PURCHASE OF NEWLY ERECTED DWELLINGS |
|
| Dwelling units | | | | | |
| 1999-2000 | no. | 17,313 | 300 | 920 | 18,533 |
| 2000-01 | no. | 14,656 | 475 | 2,566 | 17,697 |
| 2001-02 | no. | 16,823 | 283 | 3,154 | 20,260 |
| 2002-03 | no. | 14,058 | 379 | 3,089 | 17,526 |
| Value of commitments | | | | | |
| 1999-2000 | $m | 2,666 | 48 | 127 | 2,841 |
| 2000-01 | $m | 2,322 | 55 | 361 | 2,738 |
| 2001-02 | $m | 3,029 | 39 | 443 | 3,511 |
| 2002-03 | $m | 2,914 | 56 | 459 | 3,429 |
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PURCHASE OF ESTABLISHED DWELLINGS(d) |
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| Dwelling units | | | | | |
| 1999-2000 | no. | 368,814 | 16,563 | 69,546 | 454,923 |
| 2000-01 | no. | 378,526 | 19,479 | 85,607 | 483,612 |
| 2001-02 | no. | 395,758 | 22,918 | 114,261 | 532,937 |
| 2002-03 | no. | 399,104 | 22,512 | 126,185 | 547,801 |
| Value of commitments | | | | | |
| 1999-2000 | $m | 50,919 | 1,825 | 8,751 | 61,495 |
| 2000-01 | $m | 50,722 | 2,244 | 11,327 | 64,293 |
| 2001-02 | $m | 61,427 | 2,971 | 17,041 | 81,439 |
| 2002-03 | $m | 69,846 | 3,179 | 19,293 | 92,318 |
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TOTAL |
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| Dwelling units | | | | | |
| 1999-2000 | no. | 451,800 | 20,139 | 77,199 | 549,138 |
| 2000-01 | no. | 437,309 | 22,709 | 94,278 | 554,296 |
| 2001-02 | no. | 478,590 | 26,898 | 125,276 | 630,764 |
| 2002-03 | no. | 468,449 | 25,499 | 135,911 | 629,859 |
| Value of commitments | | | | | |
| 1999-2000 | $m | 62,879 | 2,347 | 9,726 | 74,952 |
| 2000-01 | $m | 59,132 | 2,711 | 12,581 | 74,424 |
| 2001-02 | $m | 74,329 | 3,558 | 18,595 | 96,482 |
| 2002-03 | $m | 82,299 | 3,651 | 20,708 | 106,659 |
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(a) Owner occupied dwellings. Excludes alterations and additions.
(b) Caution should be exercised in using these statistics to calculate market share because, while all banks and permanent building societies are selected, only a sample of other lenders are selected.
(c) Includes wholesale lenders n.e.c.
(d) Includes refinancing. |
| | | | | | |
| Source: ABS data available on request, Survey of Housing Finance for Owner Occupation. |
In 2002-03, $65,121m was approved for investment housing purposes, up 36.8% on the figure recorded in 2001-02. The largest component of investment housing, the purchase of dwellings for rent or resale by individuals continued its growth, rising to $51,651m in 2002-03, up 31.4% on the previous year.
8.19 FINANCE COMMITMENTS FOR INVESTMENT HOUSING, By purpose
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| 2000-01 | 2001-02 | 2002-03 |
| $m | $m | $m |
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| Construction finance - erection of dwellings for rental/resale | 3,772 | 4,443 | 7,935 |
| Purchase of real property - dwellings for rental/resale - Individuals | 24,870 | 39,317 | 51,651 |
| Purchase of real property - dwellings for rental/resale - Other | 2,634 | 3,846 | 5,535 |
| Total | 31,276 | 47,606 | 65,121 |
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| Source: ABS data available on request, Survey of Lending Finance. |
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