CANBERRA: The value of Australian home loans rose 0.4% to $33.530 billion during February, culminating in the fourth consecutive month of gains. Australian Bureau of Statistics (ABS) housing finance figures for February reveal the value of owner-occupied housing commitments rose slightly (0.2%) month-on-month. The number of owner-occupied housing commitments also increased (0.3%) to 55,070, while the number of construction commitments declined (-0.1%), down to to 5,618. Commitments for the purchase of new dwellings remained flat at 2,761, while commitments for the purchase of established dwellings rose (0.4%) to 46,691.
Housing finance is back on track after months of significant falls in both values and commitments. However, the number of first home buyer commitments as a percentage of total owner-occupied housing finance commitments fell to 13.3% in February from 13.4% in January. New research found one third of potential first home buyers would be unlikely to buy if interest rates rise. The value of outstanding loans financed by Authorised Deposit-Taking Institutions (ADIs) jumped 0.4% month-on-month in February to $1,574 billion. Outstanding owner-occupied loans, financed by ADIs, increased 0.5% to $1,022 billion, while investment housing loan outstandings rose 0.3% to $551 billion. Outstanding housing loans for banks rose 0.4% in February to $1,535 billion. Owner-occupied loans rose 0.5% to $992 billion and outstanding investment housing loans were up 0.3% to $543 billion.
