|
|
In 2003-04 a total of 647,449 housing finance commitments for owner occupation were made by all lenders, a moderate increase on the previous year total of 628,753 (table 8.18). The recent upturn began during the December quarter of 2002 and continued into the first quarter of 2003-04 before weakening over the remainder of 2003-04. The total value of commitments for owner occupied housing increased to $123,763m, up from $106,699m in 2002-03. The number of commitments grew by 3% in 2003-04 over the previous year, while the value of commitments grew by 16%, taking the average loan size from $169,700 in 2002-03 to $191,200 in 2003-04.
Construction finance commitments for owner occupied housing grew slightly in 2003-04, rising by 0.5% from the previous year to 64,865 commitments. Commitments to purchase new dwellings for owner occupation rose by 24.4% from 2002-03 to 21,809. The total value of commitments for owner occupied housing increased strongly to $12,500m (up 14.5%) for the construction of dwellings and $4,927m (up 43.7%) for the purchase of new dwellings.
The number of commitments for the purchase of established dwellings for owner occupation (including refinancing) continued to grow, increasing by 2.6% (or 14,105 commitments) in 2003-04. The total value of commitments for owner occupied housing also continued to grow, increasing by 15.1% in 2003-04 to reach $106,335m. The average loan size for the purchase of established dwellings for owner occupation increased to $189,600 in 2003-04, rising from $168,900 in 2002-03.
In number terms, bank commitments for owner occupied housing rose by 3.2% in 2003-04, while commitments from permanent building societies remained virtually unchanged. Other lenders, which include credit unions and wholesale lenders, increased commitments by 2.7% in 2003-04.
There were 87,475 commitments for owner occupied housing to first home buyers in 2003-04, down on the previous year total of 99,281. First home buyers accounted for 13.5% of all commitments for owner occupied housing in 2003-04, down from the 2002-03 figure of 15.8%.
8.18 SECURED HOUSING FINANCE COMMITMENTS FOR OWNER OCCUPATION(a), By purpose and type of lender(b)
|
 | | | Type of lender | |
| | |
| |
| | Units | Banks | Permanent building
societies | Other lenders(c) | Total |
|
CONSTRUCTION OF DWELLINGS |
|
| Dwelling units | | | | | |
| 2000-01 | no. | 44,127 | 2,755 | 6,105 | 52,987 |
| 2001-02 | no. | 66,009 | 3,697 | 7,861 | 77,567 |
| 2002-03 | no. | 55,294 | 2,608 | 6,651 | 64,553 |
| 2003-04 | no. | 53,117 | 2,644 | 9,104 | 64,865 |
| Value of commitments | | | | | |
| 2000-01 | $m | 6,088 | 412 | 894 | 7,394 |
| 2001-02 | $m | 9,873 | 548 | 1,111 | 11,532 |
| 2002-03 | $m | 9,540 | 417 | 956 | 10,913 |
| 2003-04 | $m | 10,485 | 451 | 1,564 | 12,500 |
|
PURCHASE OF NEWLY ERECTED DWELLINGS |
|
| Dwelling units | | | | | |
| 2000-01 | no. | 14,656 | 475 | 2,566 | 17,697 |
| 2001-02 | no. | 16,823 | 283 | 3,154 | 20,260 |
| 2002-03 | no. | 14,062 | 379 | 3,089 | 17,530 |
| 2003-04 | no. | 15,104 | 425 | 6,280 | 21,809 |
| Value of commitments | | | | | |
| 2000-01 | $m | 2,322 | 55 | 361 | 2,738 |
| 2001-02 | $m | 3,029 | 39 | 443 | 3,511 |
| 2002-03 | $m | 2,914 | 56 | 460 | 3,430 |
| 2003-04 | $m | 3,573 | 71 | 1,283 | 4,927 |
|
PURCHASE OF ESTABLISHED DWELLINGS(d) |
|
| Dwelling units | | | | | |
| 2000-01 | no. | 378,526 | 19,479 | 85,607 | 483,612 |
| 2001-02 | no. | 395,758 | 22,918 | 114,261 | 532,937 |
| 2002-03 | no. | 399,120 | 22,512 | 125,038 | 546,670 |
| 2003-04 | no. | 415,334 | 22,425 | 123,016 | 560,775 |
| Value of commitments | | | | | |
| 2000-01 | $m | 50,722 | 2,244 | 11,327 | 64,293 |
| 2001-02 | $m | 61,427 | 2,971 | 17,041 | 81,439 |
| 2002-03 | $m | 69,849 | 3,179 | 19,328 | 92,356 |
| 2003-04 | $m | 80,878 | 3,397 | 22,060 | 106,335 |
|
TOTAL |
|
| Dwelling units | | | | | |
| 2000-01 | no. | 437,309 | 22,709 | 94,278 | 554,296 |
| 2001-02 | no. | 478,590 | 26,898 | 125,276 | 630,764 |
| 2002-03 | no. | 468,476 | 25,499 | 134,778 | 628,753 |
| 2003-04 | no. | 483,555 | 25,494 | 138,400 | 647,449 |
| Value of commitments | | | | | |
| 2000-01 | $m | 59,132 | 2,711 | 12,581 | 74,424 |
| 2001-02 | $m | 74,329 | 3,558 | 18,595 | 96,482 |
| 2002-03 | $m | 82,303 | 3,651 | 20,744 | 106,699 |
| 2003-04 | $m | 94,936 | 3,920 | 24,907 | 123,763 |
|
(a) Excludes alterations and additions.
(b) Caution should be exercised in using these statistics to calculate market share because, while all banks and permanent building societies are selected, only a sample of other lenders are selected.
(c) Includes wholesale lenders n.e.c.
(d) Includes refinancing.
Source: Housing Finance, Australia (5609.0). |
In 2003-04, $75,873m was approved for investment housing purposes, up 16.4% on the figure recorded in 2002-03. The largest component of investment housing, the purchase of dwellings for rent or resale by individuals was the primary driver of this growth, rising to $63,368m in 2003-04, up 22.7% on the previous year (table 8.19).
8.19 FINANCE COMMITMENTS FOR INVESTMENT HOUSING, By purpose
|
| 2000-01 | 2001-02 | 2002-03 | 2003-04 |
| $m | $m | $m | $m |
|
| Construction of dwellings for rent or resale | 3,772 | 4,443 | 8,001 | 6,200 |
| Purchase of dwellings by individuals for rent or resale | 24,870 | 39,317 | 51,651 | 63,368 |
| Purchase of dwellings by others for rent or resale | 2,634 | 3,846 | 5,535 | 6,305 |
| Total | 31,276 | 47,606 | 65,187 | 75,873 |
|
| Source: Housing Finance, Australia (5609.0). |
|
Print Page