HOUSING FINANCE


HOUSING FINANCE COMMITMENTS

In trend terms, the total value of housing finance commitments (owner occupation) in South Australia in June 2008 was $835m, a decrease of 3.4% from $864m in May 2008. This was the seventh consecutive monthly fall in the value of housing finance commitments (owner occupation). Nationally, the value of housing finance commitments for owner occupation fell by 3.6% from $12,930m in May 2008 to $12,470m in June 2008.

In June 2008, the average home loan commitment for owner occupied dwellings in South Australia was $193,100, significantly lower than the $246,900 for the average home loan commitment in Australia. Over the past year, there has been little change in the average loan size for owner occupied dwellings in South Australia; the average loan size in June 2008 ($193,100) was slightly lower than that of June 2007 ($193,500).

In June 2008, the average loan size for first home buyers in South Australia was $209,300, 10.0% higher than the $190,300 for non-first home buyers. From May 2008 to June 2008, the average loan size for first home buyers increased 5.0%, while the average loan size for non-first home buyers decreased 0.6%.

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