SUMMARY OF FINDINGS


DWELLINGS FINANCED

Value of Dwellings Financed (Tables 11, 1 & 2)

The total value of dwelling commitments excluding alterations and additions (trend) rose 0.6% in January 2013 compared with December 2012 and the seasonally adjusted series rose 2.4% in January 2013.

The total value of owner occupied housing commitments (trend) remained flat in January 2013. A fall was recorded in commitments for the construction of dwellings (down $2m, 0.1%), while commitments for the purchase of new dwellings rose (up $2m, 0.3%). Commitments for the purchase of established dwellings was flat. The seasonally adjusted series for the total value of owner occupied housing commitments rose 1.3% in January 2013.

The total value of investment housing commitments (trend) rose ($127m, 1.7%) in January 2013 compared with December 2012. Rises were recorded in commitments for the purchase of dwellings by individuals for rent or resale (up $68m, 1.1%), commitments for the purchase of dwellings by others for rent or resale (up $30m, 3.7%) and commitments for the construction of dwellings for rent or resale (up $29m, 6.4%). The value of investment housing commitments seasonally adjusted rose 4.4% in January 2013.

Number of Owner Occupied Dwellings Financed (Tables 1 & 2)

The number of owner occupied housing commitments (trend) fell (down 302, 0.7%) in January 2013, following a fall of 0.6% in December. Falls were recorded in commitments for the purchase of established dwellings excluding refinancing (down 185, 0.8%), commitments for the refinancing of established dwellings (down 109, 0.7%) and commitments for the construction of dwellings (down 13, 0.3%), while a rise was recorded in commitments for the purchase of new dwellings (up 5, 0.2%). The seasonally adjusted estimate for the total number of owner occupied housing commitments fell (down 692, 1.5%) in January 2013.

Number of Owner Occupied Dwellings Financed - State (Tables 5 & 6)

Between January 2013 and December 2012, the number of owner occupied housing commitments (trend) fell in New South Wales (down 151, 1.2%), Queensland (down 71, 0.8%), the Australian Capital Territory (down 12, 1.7%), Tasmania (down 11, 1.5%) and Western Australia (down 6, 0.1%), while rises were recorded in South Australia (up 6, 0.2%) and the Northern Territory (up 4, 1.2%). Victoria remained flat. The seasonally adjusted estimates fell in Queensland (down 333, 3.9%), Victoria (down 206, 1.7%), Tasmania (down 44, 5.9%), the Australian Capital Territory (down 43, 6.4%) and New South Wales (down 9, 0.1%), while rises were recorded in the Northern Territory (up 85, 24.7%), South Australia (up 77, 2.6%) and Western Australia (up 59, 0.9%).


First Home Buyer Commitments (Table 9)

In original terms, the number of first home buyer commitments as a percentage of total owner occupied housing finance commitments remained at 14.9% in January 2013. Between January 2013 and December 2012, the average loan size for first home buyers rose $2,800 to $297,100. The average loan size for all owner occupied housing commitments fell $1,200 to $307,100 for the same period.


Number of Owner Occupied Dwellings Financed Excluding Refinancing (Tables 1 & 2)

The number of owner occupied housing commitments excluding refinancing (trend) fell 0.6% in January 2013, following a fall of 0.5% in December 2012. The seasonally adjusted series fell 1.9% in January 2013, following a fall of 0.8% in December 2012.

PURPOSE OF FINANCE (OWNER OCCUPATION)

Construction of dwellings (Tables 1 & 2)

The number of finance commitments for the construction of dwellings for owner occupation (trend) fell 0.3% in January 2013, following a fall of 0.6% in December 2012. This is the seventh consecutive fall in this series. The seasonally adjusted series fell 0.2% in January 2013, after a rise of 1.6% in December 2012.

Purchase of new dwellings (Tables 1 & 2)

The number of finance commitments for the purchase of new dwellings for owner occupation (trend) rose 0.2% in January 2013, following a rise of 0.3% in December 2012. This is the eleventh consecutive rise in this series. The seasonally adjusted series rose 2.3% in January 2013, following a rise of 2.3% in December 2012.

Purchase of established dwellings (including refinancing across lending institutions) (Tables 1 & 2)

The number of finance commitments for the purchase of established dwellings for owner occupation (trend) fell 0.8% in January 2013, following a fall of 0.7% in December 2012. The seasonally adjusted series fell 1.9% in January 2013, following a fall of 2.8% in December 2012.

Refinancing (Tables 1 & 2)

The number of refinancing commitments for owner occupied housing (trend) fell 0.7% in January 2013, following a fall of 0.8% in December 2012. The seasonally adjusted series fell 0.7% in January 2013, following a fall of 4.7% in December 2012.

TYPE OF LENDER (OWNER OCCUPATION)

Banks (Tables 3 & 4)

The number of commitments for owner occupied dwellings financed by banks (trend) fell 0.7% in January 2013, following a fall of 0.6% in December 2012. The seasonally adjusted series fell 1.9% in January 2013, following a fall of 1.8% in December 2012.

Non-banks (Tables 3 & 4)

The number of commitments for owner occupied dwellings financed by non-banks (trend) fell 0.4% in January 2013, following a fall of 0.6% in December 2012. The seasonally adjusted series rose 3.1% in January 2013, after a fall of 5.4% in December 2012. The number of commitments for owner occupied dwellings financed by permanent building societies (trend) fell 2.1% in January 2013, following a fall of 2.5% in December 2012. The seasonally adjusted series fell 2.3% in January 2013, following a fall of 6.7% in December 2012.

HOUSING LOAN OUTSTANDINGS

(Table 12)

At the end of January 2013, the value of outstanding housing loans financed by authorised deposit-taking institutions (ADIs) was $1,191,773m, up $5,505m (0.5%) from the December 2012 closing balance. Owner occupied housing loan outstandings financed by ADIs rose $3,288m (0.4%) to $804,895m and investment housing loan outstandings financed by ADIs rose $2,217m (0.6%) to $386,878m.

Bank housing loan outstandings rose $5,320m (0.5%) during January 2013 to reach a closing balance of $1,141,789m. Owner occupied housing loan outstandings of banks rose $3,132m (0.4%) to $764,697m and investment housing loan outstandings of banks rose $2,188m (0.6%) to $377,092m.