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5609.0 - Housing Finance, Australia, Mar 2005  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 11/05/2005   
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MARCH KEY FIGURES

Trend estimates
Seasonally adjusted estimates
Mar 2005
Feb 2005 to Mar 2005
Mar 2005
Feb 2005 to Mar 2005

Value of dwelling commitments(a)
$m
% change
$m
% change
Total dwellings
17,821
1.4
17,758
-0.8
Owner occupied housing
11,884
1.8
11,992
1.3
Investment housing - fixed loans(b)
5,936
0.6
5,766
-4.8
Number of dwelling commitments(a)
no.
% change
no.
% change
Owner occupied housing
55,776
1.5
56,301
1.2
Construction of dwellings
4,501
1.1
4,536
0.5
Purchase of new dwellings
2,071
1.5
2,109
2.3
Purchase of established dwellings
49,204
1.5
49,656
1.2

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

Housing finance, Value of dwellings
Graph: Housing Finance, Value of Dwellings

Owner occupied housing finance, Number of dwellings
Graph: Owner occupied housing finance, Number of dwellings



MARCH KEY POINTS


TREND ESTIMATES

  • Total value of dwelling finance commitments excluding alterations and additions increased by 1.4% in March 2005, the eighth consecutive monthly increase. Owner occupied housing increased by 1.8%, while investment housing rose by 0.6%.
  • The number of commitments for owner occupation increased by 1.5% in March 2005, while the number excluding refinancing rose by 1.8%.


SEASONALLY ADJUSTED ESTIMATES
  • Total value of dwelling finance commitments excluding alterations and additions fell by 0.8% in March 2005. This fall was due to the decrease in investment housing commitments (down 4.8%) more than offsetting the increase in owner occupied housing commitments (up 1.3%).
  • Investment housing commitments decreased through falls in purchase of dwellings for rent or resale by others (down $126m, -21.9%), construction of dwellings for rent or resale (down $84m, -14.0%) and purchase of dwellings for rent or resale by individuals (down $82m, -1.7%).
  • The number of commitments for owner occupied housing increased by 1.2% in March 2005, while the number excluding refinancing increased by 1.8%.


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 11.2% in February to 14.9% in March.


NOTES

CHANGES IN THIS ISSUE

There are no 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) decreased by 0.8% in March 2005. The total housing finance trend increased by 1.4%, the eighth consecutive monthly increase.


The total value of owner occupied commitments (seasonally adjusted) increased by 1.3% (up $155m) in March 2005, following an increase of 4.9% in February. Increases in the purchase of established dwellings excluding refinancing (up $186m, 2.6%), purchase of new dwellings (up $14m, 3.0%) and construction of dwellings (up $14m, 1.4%) were offset partially by a decrease in refinancing of established dwellings (down $60m, -1.9%). The trend series in the value of owner occupied commitments rose by 1.8% in March.


The seasonally adjusted series for value of investment housing commitments (including finance for construction and finance for rent or resale) decreased by 4.8% (down $292m) in March 2005, following a rise of 5.0% in February. The decrease this month was due to decreases in the purchase of dwellings for rent or resale by others (down $126m, -21.9%), construction of dwellings for rent or resale (down $84m, -14.0%) and purchase of dwellings for rent or resale by individuals (down $82m, -1.7%). The trend series in total value of investment commitments rose by 0.6%.

INVESTMENT HOUSING - TOTAL
Graph: INVESTMENT HOUSING - TOTAL



Number of Owner Occupied Dwellings Financed

The number of owner occupied dwelling commitments (seasonally adjusted) increased by 1.2% (up 675) in March 2005, the ninth consecutive monthly increase. Increases in the purchase of established dwellings excluding refinancing (up 642, 1.9%), purchase of new dwellings (up 48, 2.3%) and construction of dwellings (up 23, 0.5%) more than offset the decrease in refinancing of established dwellings (down 38, -0.2%). The total owner occupied housing finance trend rose by 1.5% in March 2005, the ninth consecutive monthly increase.


Increases were recorded in seasonally adjusted terms in Victoria (up 617, 5.0%), Western Australia (up 390, 5.2%), New South Wales (up 357, 2.2%), South Australia (up 137, 2.9%), Queensland (up 87, 0.7%) and Australian Capital Territory (up 8, 1.3%). These increases were partially offset by falls in Tasmania (down 89, -8.0%) and Northern Territory (down 29, -5.6%). The trend increased in all states and territories except Northern Territory.


In original terms, first home buyer commitments as a percentage of total owner occupied housing commitments fell to 15.6% in March 2005. The percentage of commitments at a fixed rate of interest (for at least two years) increased from 11.2% in February to 14.9% in March.

Graph:  Number of Owner Occupied Dwellings Financed


Number of Owner Occupied Dwellings Financed Excluding Refinancing

The number of owner occupied dwellings financed excluding refinancing (seasonally adjusted) increased by 1.8% in March 2005, the sixth consecutive monthly increase. The trend increased by 1.8% in March 2005, the tenth consecutive monthly increase.

Graph: Number of Owner Occupied Dwellings Financed Excluding Refinancing



PURPOSE OF FINANCE (OWNER OCCUPATION)

Construction of dwellings

The seasonally adjusted number of construction commitments for owner occupation rose by 0.5% in March 2005, following an increase of 2.5% in February. The trend series increased by 1.1% in March, the sixth consecutive monthly increase.

Graph: Construction of Dwellings


Purchase of new dwellings

The number of finance commitments for the purchase of new dwellings for owner occupation (seasonally adjusted) rose by 2.3% in March 2005, following a rise of 5.6% in February. The trend series rose 1.5% in March 2005.

Graph: Purchase of new dwellings


Purchase of established dwellings

The seasonally adjusted established dwelling for owner occupation series increased by 1.2% in March 2005, after a 4.0% increase in February. The trend rose by 1.5% in March 2005, the ninth consecutive monthly increase.

Graph: Purchase of established dwellings


Refinancing

The number of refinancing commitments for owner occupied housing (seasonally adjusted) fell by 0.2% in March 2005, after a rise of 3.2% in February. The trend series rose 0.6% in March 2005.

Graph: Refinancing



TYPE OF LENDER (OWNER OCCUPATION)

Banks

The number of owner occupied dwellings financed by banks (seasonally adjusted) increased by 0.7% in March 2005, after a rise of 4.4% in February. The trend series increased by 1.7% in March.

Graph: Type of Lender, Owner Occupation, Banks


Non-banks

Non-bank commitments for owner occupied housing (seasonally adjusted) increased by 2.9% in March 2005, following an increase of 2.7% in February. Permanent building societies were up 6.6% and wholesale lenders were down 9.6%. The non-bank trend series increased by 1.0% in March 2005, the ninth consecutive monthly increase.

Graph: Type of Lender, Owner Occupation, Non-Banks



HOUSING LOAN OUTSTANDINGS

At the end of March 2005, housing loans outstanding of authorised deposit-taking institutions was $503,938m, up $3,297m (0.7%) from February's closing balance. Owner occupied housing loans increased by $2,269m (0.7%) to close at $335,442m, while investment housing loans outstanding increased by $1,028m (0.6%) to reach a closing balance of $168,496m.


Bank loans increased by $2,965m (0.6%) during March to a closing stock of $473,932m. Owner occupied housing loans of banks increased by $2,031m (0.7%) to $311,443m, while investment housing loans increased $934m (0.6%) to $162,489m.


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