SUMMARY OF FINDINGS


DWELLINGS FINANCED

Value of Dwellings Financed

The total value of dwelling commitments excluding alterations and additions (trend) increased 2.3% in March 2009 compared with February 2009 and the seasonally adjusted series increased 6.7% in March 2009.

The total value of owner occupied housing commitments (trend) rose 3.4% (up $496m) in March 2009, following a revised increase of 3.9% in February 2009. The increase in March was due to increases in the purchase of established dwellings excluding refinancing (up $370m, 4.1%), the value of the construction of dwellings (up $63m, 5.1%), the purchase of new dwellings (up $33m, 4.8%) and the refinancing of established dwellings (up $30m, 0.8%) . The seasonally adjusted series for the value of owner occupied commitments increased 7.3% in March 2009.

The total value of investment housing commitments (trend) fell 1.0% (down $47m) in March 2009 compared with February 2009, following a revised fall of 1.2% in February 2009. The decrease in March was due to falls in the purchase of dwellings by others for rent or resale (down $29m, 8.3%), the construction of dwellings for rent or resale (down $10m, 3.0%) and the purchase of dwellings by individuals for rent or resale (down $7m, 0.2%). The seasonally adjusted series rose 4.7% in March 2009.

Number of Owner Occupied Dwellings Financed

The number of owner occupied housing commitments (trend) increased 2.8% (up 1,584) in March 2009 compared with February 2009, following a revised increase of 3.2% in February 2009. Increases were recorded in the purchase of established dwellings excluding refinancing (up 1,101, 3.3%), the construction of dwellings (up 257, 5.3%), the refinancing of established dwellings (up 121, 0.7%) and the purchase of new dwellings (up 104, 4.3%). The seasonally adjusted estimates for the total number of owner occupied housing commitments rose 4.9% in March 2009.

The number of owner occupied housing commitments (trend) increased in all states and territories in March 2009 compared with February 2009: New South Wales (up 536, 3.1%), Victoria (up 339, 2.6%), Queensland (up 330, 2.8%), South Australia (up 145, 2.8%), Western Australia (up 108, 1.6%), the Australian Capital Territory (up 47, 4.6%), Tasmania (up 41, 3.2%) and the Northern Territory (up 9, 1.9%). The seasonally adjusted estimates increased in all states and territories.


First Home Buyer Commitments

In original terms, the number of first home buyer commitments as a percentage of total owner occupied housing finance commitments increased from 26.5% in February 2009 to 27.3% in March 2009. This is the highest proportion recorded since the series commenced in 1991. The average loan size for first home buyers continues to rise, up $4,300 from February 2009 to $286,000 for March 2009. This compares to the average loan size for all owner occupied housing commitments which rose by $11,500 to $263,200 for the same period.


Number of Owner Occupied Dwellings Financed Excluding Refinancing

The number of owner occupied housing commitments excluding refinancing (trend) rose 3.6% in March 2009 compared with February 2009, following an increase of 4.3% in February 2009. The seasonally adjusted series rose 5.1% in March 2009.

PURPOSE OF FINANCE (OWNER OCCUPATION)

Construction of dwellings

The number of finance commitments for the construction of dwellings for owner occupation (trend) rose 5.3% in March 2009 compared with February 2009, following a revised increase of 6.0% in February 2009. The seasonally adjusted series rose 13.9% to 5,565, the highest level since January 2002, while the value ($1,391m) is the highest since the series began.

Purchase of new dwellings

The number of finance commitments for the purchase of new dwellings for owner occupation (trend) rose 4.3% in March 2009 compared with February 2009, following a revised increase of 5.5% in February 2009. The seasonally adjusted series rose 8.8% in March 2009.

Purchase of established dwellings (including refinancing)

The number of finance commitments for the purchase of established dwellings for owner occupation (trend) rose 2.4% in March 2009 compared with February 2009, following a revised increase of 2.9% in February 2009. The seasonally adjusted series rose 3.8% in March 2009.

Refinancing

The number of refinancing commitments for owner occupied housing (trend) rose 0.7% in March 2009 compared with February 2009, following a revised increase of 0.8% in February 2009. The seasonally adjusted series rose 4.5% in March 2009.

TYPE OF LENDER (OWNER OCCUPATION)

Banks

The number of owner occupied dwellings financed by banks (trend) rose 2.9% in March 2009 compared with February 2009, after a revised increase of 3.5% in February 2009. The seasonally adjusted series rose 5.2% in March 2009.

Non-banks

The number of owner occupied dwellings financed by non-banks (trend) rose 1.4% in March 2009 compared with February 2009, after a revised increase of 1.5% in February 2009. The seasonally adjusted series for the number of owner occupied dwellings financed by non-banks increased 3.0% March 2009. The number of commitments for owner occupied dwellings financed by wholesale lenders n.e.c. (trend) increased 1.3%. The seasonally adjusted series increased 3.1%.

HOUSING LOAN OUTSTANDINGS

At the end of March 2009, the value of outstanding housing loans financed by authorised deposit-taking institutions was $852,969m, up $12,670m (1.5%) from the February 2009 closing balance. Owner occupied housing loans financed by authorised deposit-taking institutions increased $11,330m (2.0%) to $590,466m and investment housing loans financed by authorised deposit-taking institutions increased $1,340m (0.5%) to $262,503m.

Bank loans increased $12,342m (1.5%) during March 2009 to reach a closing balance of $809,330m. Owner occupied housing loans of banks increased $11,062m (2.0%) to $554,351m and investment housing loans increased $1,280m (0.5%) to $254,979m.