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5609.0 - Housing Finance, Australia, Jun 2006  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 09/08/2006   
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JUNE KEY FIGURES

Trend estimates
Seasonally adjusted estimates
Jun 2006
May 2006 to Jun 2006
Jun 2006
May 2006 to Jun 2006

Value of dwelling commitments(a)
$m
% change
$m
% change
Total dwellings
20 178
1.5
20 535
2.0
Owner occupied housing
13 919
1.5
14 056
0.8
Investment housing - fixed loans(b)
6 259
1.6
6 479
4.5
Number of dwelling commitments(a)
no.
% change
no.
% change
Owner occupied housing
62 784
1.3
63 623
1.3
Construction of dwellings
4 528
0.1
4 585
1.8
Purchase of new dwellings
2 958
2.2
2 974
1.1
Purchase of established dwellings
55 298
1.4
56 064
1.3

(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



JUNE KEY POINTS


TREND ESTIMATES

JUNE 2006 COMPARED WITH MAY 2006:

  • Total value of dwelling finance commitments excluding alterations and additions increased by 1.5%, the twelfth consecutive monthly increase. The value of owner occupied housing commitments increased by 1.5%, while the value of investment housing commitments rose by 1.6%.
  • The number of commitments for owner occupied housing finance increased by 1.3%, and the number excluding refinancing also rose by 1.3%.


SEASONALLY ADJUSTED ESTIMATES

JUNE 2006 COMPARED WITH MAY 2006:
  • Total value of dwelling finance commitments excluding alterations and additions increased 2.0%. Owner occupied housing commitments increased by 0.8%. Investment housing commitments increased by 4.5%, driven primarily by a large increase in purchases for rent or resale by individuals (up $381m, 7.3%).
  • The number of commitments for owner occupied housing finance rose by 1.3%, and the number excluding refinancing also increased by 1.3%.


ORIGINAL ESTIMATES
  • The number of first home buyer commitments as a percentage of total owner occupied housing finance commitments decreased from 17.4% in May 2006 to 17.0% in June 2006.
  • The number of fixed rate loan commitments as a percentage of total owner occupied housing finance commitments rose from 15.5% in May 2006 to 16.7% in June 2006.


NOTES

FORTHCOMING ISSUES

ISSUE Release Date
July 2006 8 September 2006
August 2006 11 October 2006
September 2006 8 November 2006
October 2006 8 December 2006
November 2006 15 January 2007
December 2006 9 February 2007



CHANGES IN THIS ISSUE

There are no major changes in this issue.



CHANGES IN FORTHCOMING ISSUE

Changes in the format of the Time Series Spreadsheets associated with this publication will be implemented with the July edition scheduled for release on 8 September 2006. For information on these changes refer to the Information paper: Changes to Time Series Spreadsheets associated with the publication Housing Finance, Australia (Cat. No. 5609.0.55.002) released on the ABS website on 9 August 2006.



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) increased 2.0% in June 2006 compared with May 2006. The trend series for total value of dwelling finance commitments increased by 1.5% in June 2006, the twelfth consecutive monthly increase.


The total value of owner occupied housing commitments (seasonally adjusted) rose by 0.8% (up $117m) in June 2006, following a revised 4.0% rise in May 2006. Increases were recorded for the refinancing of established dwellings ($97m, 2.6%) and the construction of dwellings (up $45m, 4.4%), partially offset by a fall in the purchase of established dwellings excluding refinancing (down $21m, 0.2%) and the purchase of new dwellings (down $4m, -0.5%). The trend series in the value of owner occupied commitments increased by 1.5% in June 2006, continuing a run of increases since April 2004.


The total value of investment housing commitments (seasonally adjusted) increased by 4.5% (up $281m) in June 2006 compared with May 2006, following a revised increase of 6.5% in May 2006. The increase this month was due to a rise in purchase of dwellings for rent or resale by individuals (up $381m, 7.3%) more than offsetting decreases in construction of dwellings for rent or resale (down $83m, -16.5%) and purchase of dwellings for rent or resale by others (down $17m, -3.5%). The trend series in total value of investment housing commitments increased by 1.6% in June 2006, the eleventh consecutive monthly increase.


Anecdotal evidence suggests that the increase in purchase of dwellings for rent or resale by individuals was due, at least in part, to interest in advance products. These products would have been more tax effective in 2005-06 than 2006-07, due to the lower tax rates in 2006-07.

INVESTMENT HOUSING - TOTAL
Graph: INVESTMENT HOUSING - TOTAL



Number of Owner Occupied Dwellings Financed

The number of owner occupied housing commitments (seasonally adjusted) rose by 1.3% (up 827) in June 2006 compared with May 2006, following a revised increase of 4.3% in May 2006. Increases were recorded in purchase of established dwellings excluding refinancing (up 477, 1.3%), refinancing of established dwellings (up 237, 1.3%), purchase of new dwellings (up 33, 1.1%) and construction of dwellings (up 80, 1.8%). The number of owner occupied housing commitments (trend) rose by 1.3% in June 2006.

Graph: Number of Owner Occupied Dwellings Financed


The number of owner occupied housing commitments (seasonally adjusted) increased in June 2006 compared with May 2006 in New South Wales (up 304, 1.7%), Western Australia (up 214, 2.2%), Queensland (up 122, 0.9%), the Australian Capital Territory (up 49, 7.4%), Tasmania (up 32, 2.7%) and South Australia (up 10, 0.2%). Decreases were recorded in Victoria (down 433, -3.1%), with the Northern Territory remaining virtually unchanged (down 1, -0.2%). The trend estimates increased in all states and territories except 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 fell from 17.4% in May 2006 to 17.0% in June 2006. The average loan size for owner occupied housing commitments fell in June 2006 to $221,100.


Number of Owner Occupied Dwellings Financed Excluding Refinancing

The number of owner occupied housing commitments excluding refinancing (seasonally adjusted) increased by 1.3% in June 2006 compared with May 2006, following a revised increase of 3.8% in May 2006. The trend increased by 1.3% in June 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) rose 1.8% in June 2006, following a revised increase of 1.5% in May 2006. The trend series increased by 0.1% in June 2006, the ninth 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 1.1% in June 2006, following a revised 5.1% increase in May 2006. The trend series rose by 2.2% in June 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) rose 1.3% in June 2006, following a revised increase of 4.4% in May 2006. The trend rose by 1.4% in June 2006, the thirteenth consecutive monthly increase.

Graph: Purchase of established dwellings including refinancing


Refinancing

The number of refinancing commitments for owner occupied housing (seasonally adjusted) rose by 1.3% in June 2006 compared with May 2006, following a revised increase of 5.4% in May 2006. The trend series rose by 1.4% in June 2006.

Graph: Refinancing



TYPE OF LENDER (OWNER OCCUPATION)

Banks

The number of owner occupied dwellings financed by banks (seasonally adjusted) increased by 1.8% in June 2006 compared with May 2006, after a revised increase of 4.6% in May 2006. The trend series rose by 1.5% in June 2006, continuing a run of increases since June 2004.

Graph: Banks


Non-banks

The number of owner occupied dwellings financed by non-banks (seasonally adjusted) fell by 0.5% in June 2006 compared with May 2006, after a revised increase of 3.0% in May 2006. The non-bank trend series increased by 0.7% in June 2006, the sixth consecutive monthly increase.

Graph: Non-banks



HOUSING LOAN OUTSTANDINGS

At the end of June 2006, the value of outstanding housing loans financed by authorised deposit-taking institutions was $589,184m, up $6,515m (1.1%) from May's closing balance. Owner occupied housing loans increased by $4,551m (1.2%) to close at $395,213m, while investment housing loans increased by $1,964m (1.0%) to reach a closing balance of $193,971m.


Bank loans increased by $6,290m (1.1%) during June to a closing stock of $555,221m. Owner occupied housing loans of banks increased by $4,396m (1.2%) to $368,080m, while investment housing loans increased $1,894m (1.0%) to $187,141m.


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