HOUSING FINANCE


HOUSING FINANCE COMMITMENTS

The trend estimate of the total value of housing finance commitments (owner occupation) in South Australia in May 2010 was $858m, a decrease of 0.3% from April 2010 ($860m) and the twelfth consecutive decrease since the peak of $1,182m recorded in May 2009. As a result of these decreases, the series has fallen to a level similar to September 2008. Nationally, the value of housing finance commitments for owner occupation was $13,427m in May 2010; 1.4% lower than April 2010 and 21.6% lower than the peak recorded in June 2009 ($17,132m).

In May 2010, the average home loan size for owner occupied dwellings in South Australia was $227,400, a decrease of 1.0% over the previous month, but 19.7% lower than the average home loan size for Australia ($283,100).

In May 2010, the average loan commitment for first home buyers in South Australia rose to $246,000; an increase of 1.7% over the April estimate. In contrast, the average loan size for non-first home buyers fell to $224,500, a decrease of 1.4% over the same period. The average loan size for first home buyers in May 2010 is 9.6% higher than for non-first home buyers.

For information on the house price index, please refer to the ' Price Indexes' topic.