The Australian Bureau of Statistics (ABS) released housing finance data for November 2013 earlier this week.
The data showed that total owner occupier housing finance commitments increased by 1.1% over the month with 52,912 commitments, the highest number of commitments since October 2009.
Owner occupier commitments consist of refinances and non-refinance commitments and they increased by 1.7% and 0.9% over the month respectively.
[sam id=36 codes=’true’]Year-on-year, refinance commitments are 13.7% higher and non-refinance commitments are 16.1% higher.
The total value of housing finance commitments increased by 1.5% in November with owner occupier refinance commitments increasing by 2.8%, owner occupier non-refinance commitments up 1.5% and investment commitments also increasing by 1.5%.
Year-on-year, owner occupier refinance commitments are 20.7% higher, owner occupier non-refinance commitments are 18.5% and investment commitments are 35.2% higher. Investment finance commitments are now at a record high level and account for 38.5% of the value of all housing finance commitments, which is around the highest proportion since early 2004.
Housing finance data also showed that the proportion of owner occupier purchases by first home buyers reached a record low in November 2013.
As a proportion of all first home buyer finance commitments, first home buyers accounted for just 12.3%, down from 12.6% in October. The number of first home buyer commitments fell by -1.2% over the month and are -13.2% lower year-on-year.
Weekly Advertised Listings
Over the four weeks to 12 January, there were 21,444 newly advertised properties listed for sale nationally.
The number of new property listings fell by -11.6% over the week and new listings are currently -23.0% lower than at the same time last year.
Across the combined capital cities, new listings were -9.6% lower over the week and they were -26.1% lower than they were a year ago.
There are currently 232,068 properties listed for sale across the country, the lowest number of listed properties since March 2011.
Total listings at a national level were -1.8% lower over the week and -3.5% lower than they were at the same time last year. Across the combined capital cities, total listings have fallen by -3.9% over the week and they are -12.2% lower than they were at this time a year ago. Capital city listings account for just 38% of all listings nationally.