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5609.0 - Housing Finance, Australia, Aug 2006  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 11/10/2006   
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AUGUST KEY FIGURES

Trend estimates
Seasonally adjusted estimates
Aug 2006
Jul 2006 to Aug 2006
Aug 2006
Jul 2006 to Aug 2006

Value of dwelling commitments(a)
$m
% change
$m
% change
Total dwellings
20 249
0.4
19 852
-1.3
Owner occupied housing
14 143
0.7
13 956
-1.3
Investment housing - fixed loans(b)
6 107
-0.3
5 896
-1.4
Number of dwelling commitments(a)
no.
% change
no.
% change
Owner occupied housing
63 944
0.7
63 217
-1.0
Construction of dwellings
4 617
0.5
4 616
-0.3
Purchase of new dwellings
2 962
0.5
2 955
2.3
Purchase of established dwellings
56 365
0.8
55 646
-1.2

(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



AUGUST KEY POINTS


TREND ESTIMATES

August 2006 COMPARED WITH July 2006:

  • Total value of dwelling finance commitments excluding alterations and additions increased by 0.4%, the fourteenth consecutive monthly increase. The value of owner occupied housing commitments increased by 0.7%, while the value of investment housing commitments fell by 0.3%.
  • The number of commitments for owner occupied housing finance increased by 0.7%, while the number excluding refinancing rose by 0.4%.


SEASONALLY ADJUSTED ESTIMATES

August 2006 COMPARED WITH July 2006:
  • Total value of dwelling finance commitments excluding alterations and additions decreased 1.3%. Investment housing commitments fell 1.4%, driven primarily by a large decrease in construction of dwellings for rent or resale (down $113m, -19.0%), while owner occupied housing commitments fell 1.3%.
  • The number of commitments for owner occupied housing finance fell by 1.0%, while the number excluding refinancing decreased by 2.6%.


ORIGINAL ESTIMATES
  • The number of first home buyer commitments as a percentage of total owner occupied housing finance commitments fell from 16.8% in July 2006 to 16.1% in August 2006.
  • The number of fixed rate loan commitments as a percentage of total owner occupied housing finance commitments rose from 16.2% in July 2006 to 20.4% in August 2006.


NOTES

FORTHCOMING ISSUES

ISSUE Release Date
September 2006 8 November 2006
October 2006 8 December 2006
November 2006 15 January 2007
December 2006 9 February 2007
January 2007 9 March 2007
February 2007 11 April 2007



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 Glen Malam on (02) 6252 5040.



SUMMARY COMMENTARY


SUMMARY OF FINDINGS


DWELLINGS FINANCED

Value of Dwellings Financed

The total value of dwelling commitments excluding alterations and additions (seasonally adjusted) decreased 1.3% in August 2006 compared with July 2006. The trend series for total value of dwelling finance commitments increased by 0.4% in August 2006, the fourteenth consecutive monthly increase, albeit at a declining rate for the fourth consecutive month.


The total value of owner occupied housing commitments (seasonally adjusted) fell by 1.3% (down $184m) in August 2006, following a revised 1.0% rise in July 2006. Decreases were recorded for purchase of established dwellings excluding refinancing (down $256m, -3.0%) and purchase of new dwellings (down $12m, -1.7%), partially offset by a rise in construction of dwellings (up $28m, 2.6%) and refinancing of established dwellings (up $57m, 1.5%). The trend series in the value of owner occupied commitments increased by 0.7% in August 2006, continuing a run of increases since April 2004, albeit at a decreasing rate for the fourth successive month.


The total value of investment housing commitments (seasonally adjusted) decreased by 1.4% (down $86m) in August 2006 compared with July 2006, following a revised decrease of 8.7% in July 2006. The decrease this month was due to fall in construction of dwellings for rent or resale (down $113m, -19.0%) more than offsetting an increase in purchase of dwellings by individuals for rent or resale (up $18m, 0.4%) and purchase of dwellings by others for rent or resale (up $9m, 2.1%). The trend series in total value of investment housing commitments decreased by 0.3% in August 2006.

INVESTMENT HOUSING - TOTAL
Graph: Investment Housing - Total



Number of Owner Occupied Dwellings Financed

The number of owner occupied housing commitments (seasonally adjusted) fell by 1.0% (down 645) in August 2006 compared with July 2006, following a revised increase of 0.8% in July 2006. Decreases were recorded in purchase of established dwellings excluding refinancing (down 1226, -3.3%) and construction of dwellings (down 15, -0.3%), offsetting an increase in refinancing of established dwellings (up 529, 2.8%) and purchase of new dwellings (up 67, 2.3%). The number of owner occupied housing commitments (trend) rose by 0.7% in August 2006.

Number of Owner Occupied Dwellings Financed
Graph: Number of Owner Occupied Dwellings Financed



The number of owner occupied housing commitments (seasonally adjusted) decreased in August 2006 compared with July 2006 in Western Australia (down 375, -3.9%), Queensland (down 218, -1.6%) and Victoria (down 73, -0.5%). Increases were recorded in South Australia (up 33, 0.6%), New South Wales (up 13, 0.1%) and the Northern Territory (up 24, 3.8%). Tasmania and the Australian Capital Territory remained virtually unchanged. The trend estimates increased in states and territories other than Western Australia, Tasmania and the Northern Territory.


In original terms, the number of first home buyer commitments as a percentage of total owner occupied housing finance commitments decreased from 16.8% in July 2006 to 16.1% in August 2006. The number of fixed rate loan commitments as a percentage of total owner occupied housing finance commitments rose from 16.2% in July 2006 to 20.4% in August 2006. The average loan size for all owner occupied housing commitments fell from $223,500 in July 2006 to $221,200 in August 2006.


Number of Owner Occupied Dwellings Financed Excluding Refinancing

The number of owner occupied housing commitments excluding refinancing (seasonally adjusted) decreased by 2.6% in August 2006 compared with July 2006, following a revised increase of 0.6% in July 2006. The trend increased by 0.4% in August 2006.

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) fell 0.3% in August 2006, following an increase of 0.3% in July 2006. The trend series increased by 0.5% in August 2006, the eleventh 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 August 2006, following a decrease of 1.8% in July 2006. The trend series rose by 0.5% in August 2006.

Graph: Purchase of new dwellings


Purchase of established dwellings (including refinancing)

The number of finance commitments for the purchase of established dwellings for owner occupation (seasonally adjusted) fell 1.2% in August 2006, following a revised increase of 0.9% in July 2006. The trend rose by 0.8% in August 2006, the fifteenth consecutive monthly increase.

Graph: Purchase of established dwellings including refinancing


Refinancing

The number of refinancing commitments for owner occupied housing (seasonally adjusted) rose by 2.8% in August 2006 compared with July 2006, following an increase of 1.1% in July 2006. The trend series rose by 1.5% in August 2006.

Graph: Refinancing of Dwellings



TYPE OF LENDER (OWNER OCCUPATION)

Banks

The number of owner occupied dwellings financed by banks (seasonally adjusted) decreased by 1.9% in August 2006 compared with July 2006, after a revised increase of 1.3% in July 2006. The trend series rose by 1.0% in August 2006, the fifteenth consecutive increase.

Graph: Number of Commitments by Type of Lender: Banks


Non-banks

The number of owner occupied dwellings financed by non-banks (seasonally adjusted) rose by 2.4% in August 2006 compared with July 2006, after a revised decrease of 1.3% in July 2006. The non-bank trend series decreased by 0.1% in August 2006.

Graph: Number of Commitments by Type of Lender: Non-banks



HOUSING LOAN OUTSTANDINGS

At the end of August 2006, the value of outstanding housing loans financed by authorised deposit-taking institutions was $604,284m, up $5,996m (1.0%) from July's closing balance. Owner occupied housing loans increased by $4,221m (1.0%) to close at $406,599m, while investment housing loans increased by $1,775m (0.9%) to reach a closing balance of $197,685m.


Bank loans increased by $5,438m (1.0%) during August to a closing stock of $569,105m. Owner occupied housing loans of banks increased by $3,754m (1.0%) to $378,213m, while investment housing loans increased $1,684m (0.9%) to $190,892m.


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