|
|
HOUSING FINANCE FOR OWNER OCCUPATION AND INVESTMENT
In 2004-05 a total of 637,166 housing finance commitments for owner occupation were made by lenders, a moderate decrease (down 3.5%) on the previous year total of 660,264 (table 8.18). The total value of commitments for owner occupied housing increased to $133,666 million (m), up 4.7% from $127,632m in 2003-04. The average loan size rose from $193,300 in 2003-04 to $209,800 in 2004-05.
Construction finance commitments for owner occupied housing in 2004-05, at 53,120, were 8.8% lower than in 2003-04, continuing a downturn that began in the second half of 2003-04. The total value of commitments for the construction of owner occupied housing decreased slightly to $11,544m (down 1.3% on 2003-04). Commitments to purchase new dwellings for owner occupation rose by 9.9% from 2003-04 to 24,483 and increased in value to $5,763m (up 14.6%).
The number of commitments for the purchase of established dwellings for owner occupation (including refinancing) fell by 3.5% (or 20,192 commitments) in 2004-05. The total value of commitments for the purchase of established dwellings, however, grew - increasing by 4.9% in 2004-05 to reach $116,358m. The average loan size for the purchase of established dwellings for owner occupation increased to $207,900 in 2004-05, rising from $191,300 in 2003-04.
In number terms, bank commitments for owner occupied housing fell by 2.4% in 2004-05, while commitments from permanent building societies fell 11.8%. Other lenders, which include credit unions and wholesale lenders, decreased commitments by 6.1% in 2004-05.
There were 102,144 commitments for owner occupied housing to first home buyers in 2004-05, up on the previous year total of 88,400. First home buyers accounted for 16.0% of all commitments for owner occupied housing in 2004-05, up from the 2003-04 figure of 13.4%.
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 | | | | | |
| 2001-02 | no. | 56,267 | 3,697 | 7,861 | 67,825 |
| 2002-03 | no. | 46,887 | 2,617 | 6,656 | 56,160 |
| 2003-04 | no. | 46,406 | 2,650 | 9,166 | 58,222 |
| 2004-05 | no. | 42,524 | 2,144 | 8,452 | 53,120 |
| Value of commitments | | | | | |
| 2001-02 | $m | 8,939 | 548 | 1,111 | 10,597 |
| 2002-03 | $m | 8,717 | 418 | 958 | 10,093 |
| 2003-04 | $m | 9,668 | 453 | 1,569 | 11,690 |
| 2004-05 | $m | 9,510 | 406 | 1,628 | 11,544 |
|
PURCHASE OF NEWLY ERECTED DWELLINGS |
|
| Dwelling units | | | | | |
| 2001-02 | no. | 17,006 | 283 | 3,154 | 20,443 |
| 2002-03 | no. | 14,302 | 393 | 3,095 | 17,790 |
| 2003-04 | no. | 15,573 | 425 | 6,289 | 22,287 |
| 2004-05 | no. | 14,720 | 432 | 9,331 | 24,483 |
| Value of commitments | | | | | |
| 2001-02 | $m | 3,057 | 39 | 444 | 3,540 |
| 2002-03 | $m | 2,962 | 57 | 461 | 3,480 |
| 2003-04 | $m | 3,673 | 71 | 1,285 | 5,030 |
| 2004-05 | $m | 3,696 | 69 | 1,998 | 5,763 |
|
PURCHASE OF ESTABLISHED DWELLINGS(d) |
|
| Dwelling units | | | | | |
| 2001-02 | no. | 404,120 | 22,918 | 114,261 | 541,299 |
| 2002-03 | no. | 412,886 | 22,715 | 125,243 | 560,844 |
| 2003-04 | no. | 433,721 | 22,649 | 123,385 | 579,755 |
| 2004-05 | no. | 426,797 | 20,120 | 112,646 | 559,563 |
| Value of commitments | | | | | |
| 2001-02 | $m | 62,602 | 2,971 | 17,040 | 82,613 |
| 2002-03 | $m | 72,230 | 3,209 | 19,357 | 94,796 |
| 2003-04 | $m | 85,377 | 3,426 | 22,109 | 110,912 |
| 2004-05 | $m | 91,406 | 3,331 | 21,621 | 116,358 |
|
TOTAL |
|
| Dwelling units | | | | | |
| 2001-02 | no. | 477,393 | 26,898 | 125,276 | 629,567 |
| 2002-03 | no. | 474,075 | 25,725 | 134,994 | 634,794 |
| 2003-04 | no. | 495,700 | 25,724 | 138,840 | 660,264 |
| 2004-05 | no. | 484,041 | 22,696 | 130,429 | 637,166 |
| Value of commitments | | | | | |
| 2001-02 | $m | 74,598 | 3,558 | 18,595 | 96,750 |
| 2002-03 | $m | 83,909 | 3,685 | 20,776 | 108,370 |
| 2003-04 | $m | 98,718 | 3,950 | 24,964 | 127,632 |
| 2004-05 | $m | 104,612 | 3,806 | 25,248 | 133,666 |
|
(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 2004-05 a total of $67,481m was approved for investment housing purposes, down 13.0% on the figure recorded in 2003-04. In 2004-05 the largest component of investment housing, the purchase of dwellings by individuals for rent or resale, fell 15.2% to $54,827m (table 8.19).
8.19 FINANCE COMMITMENTS FOR INVESTMENT HOUSING, By purpose
|
| 2001-02 | 2002-03 | 2003-04 | 2004-05 |
| $m | $m | $m | $m |
|
| Construction of dwellings for rent or resale | 4,443 | 8,006 | 6,481 | 7,107 |
| Purchase of dwellings by individuals for rent or resale | 39,317 | 52,115 | 64,666 | 54,827 |
| Purchase of dwellings by others for rent or resale | 3,846 | 5,538 | 6,344 | 5,547 |
| Total | 47,606 | 65,660 | 77,491 | 67,481 |
|
Source: Housing Finance, Australia (5609.0). |
|
Print Page