HOUSING FINANCE


HOUSING FINANCE COMMITMENTS

The trend estimate of the total value of housing finance commitments (owner occupation) in South Australia in December 2009 was $1,025m, a decrease of 2.9% from November 2009 ($1,055m) and the sixth consecutive decrease since the peak of $1,175m recorded in June 2009. As a result of these decreases, the December 2009 estimate has fallen back to the level of December 2008. Nationally, the value of housing finance commitments for owner occupation was $16,157m in December 2009; 5.4% lower than the peak recorded in June 2009 ($17,073m).

In December 2009, the average home loan size for owner occupied dwellings in South Australia was $220,900; substantially lower than the average home loan size for Australia ($283,000).

In December 2009, the average loan commitment for first home buyers in South Australia was $242,500; an increase of 4.6% over the November estimate and 11.9% higher than the average loan size for non-first home buyers ($216,800). The average loan commitment of first home buyers is now only 9.6% below the peak of March 2009 ($268,300).

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