HOUSING FINANCE


HOUSING FINANCE COMMITMENTS

In trend terms, the total value of housing finance commitments (owner occupation) in South Australia in May 2008 was $880m, a decrease of 3.4% from $910m for April 2008. This was the sixth consecutive monthly fall in the value of housing finance commitments (owner occupation). Nationally, the value of housing finance commitments for owner occupation fell by 3.7% from $13,582m in April 2008 to $13,076m in May 2008.

In May 2008, the average home loan commitment for owner occupied dwellings in South Australia was $192,600, significantly lower than the $243,800 for the average home loan commitment in Australia. Over the past eleven months, there has been little change in the average loan size for owner occupied dwellings in South Australia. The average loan size in May 2008 ($192,600) was slightly lower than that of June 2007 ($193,500).

In May 2008, the average loan size for first home buyers in South Australia was $199,400, 4.1% higher than the $191,500 for non-first home buyers.

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