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5609.0 - Housing Finance, Australia, Nov 2005  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 17/01/2006   
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NOVEMBER KEY FIGURES

Trend estimates
Seasonally adjusted estimates
Nov 2005
Oct 2005 to Nov 2005
Nov 2005
Oct 2005 to Nov 2005

Value of dwelling commitments(a)
$m
% change
$m
% change
Total dwellings
18 262
1.3
18 302
-0.4
Owner occupied housing
12 769
1.5
12 843
1.2
Investment housing - fixed loans(b)
5 493
0.8
5 459
-3.7
Number of dwelling commitments(a)
no.
% change
no.
% change
Owner occupied housing
58 564
1.3
58 713
0.4
Construction of dwellings
4 275
-0.2
4 314
1.1
Purchase of new dwellings
2 538
2.7
2 528
-3.4
Purchase of established dwellings
51 751
1.4
51 871
0.5

(a) Includes refinancing.
(b) Excludes revolving credit.

Value of dwelling commitments, Total dwellings
Graph: Value of dwelling commitments, Total dwellings

Number of dwelling commitments, Owner occupied housing
Graph: Number of dwelling commitments, Owner occupied housing



NOVEMBER KEY POINTS


TREND ESTIMATES

NOVEMBER 2005 COMPARED WITH OCTOBER 2005:
  • Total value of dwelling finance commitments excluding alterations and additions increased by 1.3%, the fifth consecutive monthly increase. The value of owner occupied housing commitments increased by 1.5%, while the value of investment housing commitments rose by 0.8%.
  • The number of commitments for owner occupied housing finance increased by 1.3%, while the number excluding refinancing rose by 1.5%.


SEASONALLY ADJUSTED ESTIMATES

NOVEMBER 2005 COMPARED WITH OCTOBER 2005:
  • Total value of dwelling finance commitments excluding alterations and additions fell by 0.4%. This decrease was due to a decrease in investment housing commitments (down 3.7%), following two months of solid growth. Owner occupied housing commitments were up 1.2%.
  • The number of commitments for owner occupied housing finance increased by 0.4%, and the number excluding refinancing also rose by 0.4%.


ORIGINAL ESTIMATES
  • The percentage of the number of commitments for owner-occupied housing at a fixed rate of interest (for at least two years) increased from 12.9% in October to 14.7% in November, the second increase following six consecutive monthly decreases.


NOTES

FORTHCOMING ISSUES

ISSUE Release Date
December 2005 10 February 2006
January 2006 10 March 2006
February 2006 7 April 2006
March 2006 12 May 2006
April 2006 6 June 2006
May 2006 11 July 2006



CHANGES IN THIS ISSUE

There are no major changes in this issue.



INQUIRIES

For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070 or Darren Page on (02) 6252 6731.



SUMMARY COMMENTARY


SUMMARY OF FINDINGS


DWELLINGS FINANCED

Value of Dwellings Financed

The total value of dwelling commitments excluding alterations and additions (seasonally adjusted) fell by 0.4% in November 2005 compared with October 2005. The trend series for total value of dwelling finance commitments increased by 1.3% in November, the fifth consecutive monthly increase.


The total value of owner occupied housing commitments (seasonally adjusted) increased by 1.2% (up $147m) in November 2005 compared with October 2005, following an increase of 1.9% in October. The increases in purchase of established dwellings excluding refinancing (up $92m, 1.2%), refinancing of established dwellings (up $60m, 1.7%) and construction of dwellings (up $1m, 0.1%) more than offset a slight decrease in purchase of new dwellings (down $6m, -0.9%). The trend series in the value of owner occupied commitments increased by 1.5% in November, continuing a run of increases since April 2004.


The total value of investment housing commitments (seasonally adjusted) fell by 3.7% (down $212m) in November 2005 compared with October 2005, following an increase of 4.1% in October. The decrease this month was due to decreases in purchase of dwellings for rent or resale by others (down $119m, -26.5%), construction of dwellings for rent or resale (down $78m, -14.9%) and purchase of dwellings for rent or resale by individuals (down $15m, -0.3%). The trend series in total value of investment housing commitments increased by 0.8% in November, the third consecutive slight increase following six consecutive monthly decreases.

INVESTMENT HOUSING - TOTAL
Graph: Investment Housing - Total



Number of Owner Occupied Dwellings Financed

The number of owner occupied housing commitments (seasonally adjusted) increased by 0.4% (up 221) in November 2005 compared with October 2005, following an increase of 1.3% in October. The increases in purchase of established dwellings excluding refinancing (up 202, 0.6%), refinancing of established dwellings (up 62, 0.4%) and construction of dwellings (up 45, 1.1%) more than offset a decrease in purchase of new dwellings (down 88, -3.4%). The number of owner occupied housing commitments (trend) rose by 1.3% in November 2005, continuing a run of increases since July 2004 for all but one month (May 2005).


Increases in the number of owner occupied housing commitments (seasonally adjusted) in November 2005 compared with October 2005 were recorded in Queensland (up 260, 2.0%), New South Wales (up 201, 1.2%), Victoria (up 23, 0.2%), Tasmania (up 14, 1.4%), South Australia (up 11, 0.2%), Australian Capital Territory (up 8, 1.3%) and Northern Territory (up 4, 0.6%). A decrease was recorded in Western Australia (down 35, -0.4%). The trend increased in all states and territories except Tasmania.


In original terms, the number of first home buyer commitments as a percentage of total owner occupied housing finance commitments rose slightly to 18.3% in November 2005. The percentage of the number of commitments for owner-occupied housing at a fixed rate of interest (for at least two years) increased from 12.9% in October to 14.7% in November.

Graph: 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) increased by 0.4% in November 2005 compared with October 2005, following an increase of 3.0% in October. The trend increased by 1.5% in November 2005.

Graph: Number of Owner Occupied Dwellings Financed Excluding Refinancing



PURPOSE OF FINANCE (OWNER OCCUPATION)

Construction of dwellings

The number of construction commitments for owner occupation (seasonally adjusted) rose by 1.1% in November 2005 compared with October 2005, following a decrease of 1.1% in October. The trend series decreased by 0.2% in November 2005, the eighth consecutive monthly decrease.

Graph: Owner Occupation – Construction of Dwellings


Purchase of new dwellings

The number of finance commitments for the purchase of new dwellings for owner occupation (seasonally adjusted) fell by 3.4% in November 2005 compared with October 2005, following a rise of 9.6% in October. The trend series rose by 2.7% in November 2005.

Graph: Owner Occupation – Purchase of new dwellings


Purchase of established dwellings

The number of established dwelling for owner occupation (seasonally adjusted) increased by 0.5% in November 2005 compared with October 2005, following an increase of 1.1% in October. The trend rose by 1.4% in November 2005.

Graph: Purchase of established dwellings


Refinancing

The number of refinancing commitments for owner occupied housing (seasonally adjusted) rose by 0.4% in November 2005 compared with October 2005, following a fall of 2.6% in October. The trend series rose by 0.9% in November 2005.

Graph: Refinancing



TYPE OF LENDER (OWNER OCCUPATION)

Banks

The number of owner occupied dwellings financed by banks (seasonally adjusted) increased by 0.8% in November 2005 compared with October 2005, following an increase of 2.2% in October 2005. The trend series rose by 1.7% in November.

Graph: Type of Lender – Banks


Non-banks

The number of owner occupied dwellings financed by non-banks (seasonally adjusted) decreased by 1.1% in November 2005 compared with October 2005, following a decrease of 1.8% in October. Commitments by permanent building societies were down 4.1%, while commitments by wholesale lenders were up 0.1%. The non-bank trend series fell by 0.1% in November 2005.

Graph: Type of Lender – Non-Banks



HOUSING LOAN OUTSTANDINGS

At the end of November 2005, housing loans outstanding of authorised deposit-taking institutions was $557,705m, up $6,875m (1.2%) from October's closing balance. Owner occupied housing loans increased by $4,801m (1.3%) to close at $372,794m, while investment housing loans outstanding increased by $2,074m (1.1%) to reach a closing balance of $184,911m.


Bank loans increased by $6,623m (1.3%) during November to a closing stock of $525,737m. Owner occupied housing loans of banks increased by $4,851m (1.4%) to $347,244m, while investment housing loans increased $1,772m (1.0%) to $178,493m.


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