5609.0 - Housing Finance for Owner Occupation, Australia, Dec 2003
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 13/02/2004
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DECEMBER KEY FIGURES
DECEMBER KEY POINTS
SEASONALLY ADJUSTED ESTIMATES
CHANGES IN THIS ISSUE
There are no changes in this issue.
The value of commitments for the construction or purchase of dwellings for rent or resale is published in the monthly Lending Finance, Australia (cat. no. 5671.0).
SUMMARY OF FINDINGS
Number financed including refinancing
Total housing commitments (seasonally adjusted) decreased for the third consecutive month, decreasing by 0.8% in December 2003 after a fall of 3.9% in November 2003. The decrease was mainly due to the purchase of established dwellings excluding refinancing (down 436, -1.4%), while there were also falls in construction of dwellings (down 173, -3.2%) together with purchases of new dwellings (down 24, -1.4%). The number of refinancing commitments increased (up 180, 0.9%). The total housing commitments trend decreased in December (down 347, -0.6%).
There were decreases (seasonally adjusted) in Queensland (down 214, -1.8%), SA (down 156, -3.1%), NSW (down 143, -0.8%), Victoria (down 109, -0.8%), Tasmania (down 66, -5.6%), NT (down 28, -6.3%), ACT (down 9, -1.2%) and WA (down 3). The trend decreased in all states and territories except WA and NT.
In original terms, the percentage of commitments at a fixed rate of interest (for at least two years) decreased to 14.3%, after five months of increases. The percentage of first home buyers increased slightly to 13.1% in December 2003.
Number financed excluding refinancing
The number of dwellings financed excluding refinancing (seasonally adjusted) decreased in December 2003 (down 633, -1.6%), the third consecutive monthly decrease. The trend series decreased by 1.7% in December.
Value of commitments
The total value of commitments (seasonally adjusted) fell for the third consecutive month, falling by 2.5% in December 2003. The trend series decreased by 0.7% in December.
PURPOSE OF FINANCE
Construction of dwellings
The seasonally adjusted construction finance series declined by 3.2% in December 2003, after a fall of 5.5% in November. The trend fell 1.3% in December, continuing the decline since August.
Purchase of new dwellings
The number of finance commitments for the purchase of new dwellings (seasonally adjusted) fell by 1.4% in December 2003, after a decrease of 0.1% in November. The trend series rose 0.1% in December, following a run of larger increases since September 2002.
Purchase of established dwellings
The seasonally adjusted established dwelling finance series decreased for the third consecutive month, falling by 0.5% (down 256) in December 2003. The trend series decreased by 0.5% in December.
The number of refinancing commitments (seasonally adjusted) rose by 0.9% in December 2003, making December the eighth consecutive month of growth. Trend growth eased to 1.7%.
In December, a record 33.5% of all loans (seasonally adjusted) were for the refinancing of existing dwellings.
TYPE OF LENDER
Bank finance (seasonally adjusted) decreased for the second consecutive month, falling by 1.3% (down 579) in December 2003 after a decrease of 4.9% in November. The trend series fell 0.8% in December.
Non-bank commitments (seasonally adjusted) rose by 0.8% in December 2003, after decreases in the previous two months. This increase was primarily driven by the seasonally adjusted increase recorded for wholesale lenders (up 2.4%) while permanent building society activity increased slightly (up 0.1%). The non-bank trend series remained virtually unchanged in December 2003.
For further information about these and related statistics, contact Darren Page on Canberra 02 6252 6731, or the ABS National Information and Referral Service on 1300 135 070.
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