5609.0 - Housing Finance, Australia, Jul 2007

ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 10/09/2007

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Main Features Summary of Findings About this Release	SUMMARY OF FINDINGS DWELLINGS FINANCED Value of Dwellings Financed The total value of dwelling commitments excluding alterations and additions (seasonally adjusted) decreased 7.4% in July 2007 compared with June 2007. The trend series for total value of dwelling finance commitments increased by 1.6% in July 2007. The total value of owner occupied housing commitments (seasonally adjusted) fell by 7.7% (down $1,250m) in July 2007, following a 7.7% rise in June 2007. The decrease this month was due to a fall in purchase of established dwellings excluding refinancing (down $764m, 7.4%), refinancing of established dwellings (down $330m, 8.5%), purchase of new dwellings (down $90m, 9.7%), and construction of dwellings (down $67m, 5.8%). The trend series in the value of owner occupied commitments increased by 0.9% in July 2007. The total value of investment housing commitments (seasonally adjusted) decreased by 6.8% (down $548m) in July 2007 compared with June 2007, following an increase of 13.7% in June 2007. The decrease this month was due to a fall in purchase of dwellings by individuals for rent or resale (down $351m, 5.5%), purchase of dwellings by others for rent or resale (down $125m, 10.9%) and construction of dwellings for rent or resale (down $72m, 14.4%). The trend series in total value of investment housing commitments increased by 3.0% in July 2007. INVESTMENT HOUSING - TOTAL Number of Owner Occupied Dwellings Financed The number of owner occupied housing commitments (seasonally adjusted) decreased by 4.1% (down 2,711) in July 2007 compared with June 2007, following an increase of 0.8% in June 2007. Decreases were recorded in purchase of established dwellings excluding refinancing (down 1,436, 3.6%), refinancing of established dwellings (down 1,081, 5.9%), construction of dwellings (down 153, 3.3%) and purchase of new dwellings (down 41, 1.3%). The number of owner occupied housing commitments (trend) decreased 0.1% in July 2007. The number of owner occupied housing commitments (seasonally adjusted) decreased in July 2007 compared with June 2007 in Victoria (down 891, 6.0%), Queensland (down 609, 4.0%), New South Wales (down 465, 2.5%), South Australia (down 374, 6.9%), Western Australia (down 256, 2.9%), Tasmania (down 22, 1.7%) and the Australian Capital Territory (down 12, 1.3%). An increase was recorded in the Northern Territory (up 3, 0.6%). The trend estimates decreased in New South Wales, Victoria, Queensland and South Australia, while all other states and territories recorded increases. In original terms, the number of first home buyer commitments as a percentage of total owner occupied housing finance commitments increased from 16.7% in June 2007 to 17.4% in July 2007. The number of fixed rate loan commitments as a percentage of total owner occupied housing finance commitments fell from 17.0% in June 2007 to 14.8% in July 2007. The average loan size for owner occupied housing commitments fell from $244,600 in June 2007 to $239,700 in July 2007. Number of Owner Occupied Dwellings Financed Number of Owner Occupied Dwellings Financed Excluding Refinancing The number of owner occupied housing commitments excluding refinancing (seasonally adjusted) decreased by 3.4% in July 2007 compared with June 2007, following an increase of 2.1% in June 2007. The trend rose 0.6% in July 2007, the ninth consecutive monthly increase. PURPOSE OF FINANCE (OWNER OCCUPATION) Construction of dwellings The number of finance commitments for the construction of dwellings for owner occupation (seasonally adjusted) fell 3.3% in July 2007, following a 2.7% increase for June 2007. The trend series fell by 0.1% in July 2007. Purchase of new dwellings The number of finance commitments for the purchase of new dwellings for owner occupation (seasonally adjusted) fell by 1.3% in July 2007, following an increase of 5.5% in June 2007. The trend series rose by 1.1% in July 2007, the eighth consecutive monthly increase. Purchase of established dwellings (including refinancing) The number of finance commitments for the purchase of established dwellings for owner occupation (seasonally adjusted) fell by 4.3% in July 2007, following an increase of 0.4% in June 2007. The trend series decreased by 0.2% in July 2007. Refinancing The number of refinancing commitments for owner occupied housing (seasonally adjusted) fell by 5.9% in July 2007 compared with June 2007, following a decrease of 2.5% in June 2007. The trend series fell by 1.9% in July 2007, the tenth consecutive monthly decrease. TYPE OF LENDER (OWNER OCCUPATION) Banks The number of owner occupied dwellings financed by banks (seasonally adjusted) decreased by 5.1% in July 2007 compared with June 2007, after a 1.0% increase in June 2007. The trend series fell by 0.2% in July 2007. Non-banks The number of owner occupied dwellings financed by non-banks (seasonally adjusted) increased by 0.1% in July 2007 compared with June 2007, after an increase of 0.2% in June 2007. The trend series increased by 0.3% in July 2007. HOUSING LOAN OUTSTANDINGS At the end of July 2007, the value of outstanding housing loans financed by authorised deposit-taking institutions was $650,532m, up $6,195m (1.0%) from the June 2007 closing balance. Owner occupied housing loans increased by $4,460m (1.0%) to close at $438,066m, while investment housing loans increased by $1,735m (0.8%) to reach a closing balance of $212,466m. Bank loans increased by $5,997m (1.0%) during July to a closing stock of $612,232m. Owner occupied housing loans of banks increased by $4,294m (1.1%) to $407,517m while investment housing loans increased $1,703m (0.8%) to $204,175m. Document Selection These documents will be presented in a new window.