HOUSING FINANCE


HOUSING FINANCE COMMITMENTS

The trend estimate of the total value of housing finance commitments (owner occupation) in South Australia in July 2010 was $851m, a slight increase of 0.4% from June 2010 ($848m) and the second consecutive rise following 11 months of decline. The current estimate ($851m) is 28.2% lower than the peak value of housing finance commitments recorded in June 2009 ($1,186m). Nationally, the value of housing finance commitments for owner occupation was $13,478m in July 2010; 0.3% higher than June 2010 and 21.4% lower than the peak recorded in June 2009 ($17,146m).

In July 2010, the average home loan size for owner occupied dwellings in South Australia was $230,800, an increase of 4.3% over the previous month, but 20.2% lower than the average home loan size for Australia ($289,300).

In July 2010, the average loan commitment for first home buyers in South Australia rose to $249,600; an increase of 5.4% over the June estimate. In comparison, the average loan size for non-first home buyers rose to $227,800, an increase of 4.1% over the same period. The average loan size for first home buyers in July 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.