HOUSING FINANCE


HOUSING FINANCE COMMITMENTS

The trend estimate of the total value of housing finance commitments (owner occupation) in South Australia in April 2010 was $840m, a decrease of 2.1% from March 2010 ($858m) and the eleventh consecutive decrease since the peak of $1,182m recorded in May 2009. As a result of these decreases, the series has fallen to a level similar to August 2008. Nationally, the value of housing finance commitments for owner occupation was $13,476m in April 2010; 2.4% lower than March 2010 and 21.3% lower than the peak recorded in June 2009 ($17,131m).

In April 2010, the average home loan size for owner occupied dwellings in South Australia was $229,600, an increase of 1.2% over the previous month, but 20.0% lower than the average home loan size for Australia ($286,900).

In April 2010, the average loan commitment for first home buyers in South Australia fell to $241,900; a decrease of 2.7% over the March estimate. In contrast, the average loan size for non-first home buyers rose to $227,800, an increase of 1.9% over the same period. The April estimate of average loan commitments for first home buyers is 6.2% higher than for non-first home buyers, but 9.8% below the peak for first home buyer commitments in March 2009 ($268,300).

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