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

Trend estimates
Seasonally adjusted estimates
Jul 2006
Jun 2006 to Jul 2006
Jul 2006
Jun 2006 to Jul 2006

Value of dwelling commitments(a)
$m
% change
$m
% change
Total dwellings
20 407
1.3
20 246
-1.4
Owner occupied housing
14 165
1.4
14 210
1.3
Investment housing - fixed loans(b)
6 242
1.0
6 036
-7.2
Number of dwelling commitments(a)
no.
% change
no.
% change
Owner occupied housing
63 885
1.3
64 153
0.9
Construction of dwellings
4 583
0.5
4 627
0.2
Purchase of new dwellings
2 955
1.3
2 892
-1.8
Purchase of established dwellings
56 347
1.4
56 634
1.1

(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



JULY KEY POINTS


TREND ESTIMATES

July 2006 COMPARED WITH June 2006:

  • Total value of dwelling finance commitments excluding alterations and additions increased by 1.3%, the thirteenth consecutive monthly increase. The value of owner occupied housing commitments increased by 1.4%, while the value of investment housing commitments rose by 1.0%.
  • The number of commitments for owner occupied housing finance increased by 1.3%, while the number excluding refinancing also rose by 1.3%.


SEASONALLY ADJUSTED ESTIMATES

July 2006 COMPARED WITH June 2006:
  • Total value of dwelling finance commitments excluding alterations and additions decreased 1.4%. Investment housing commitments fell 7.2%, driven primarily by a large decrease in purchases of dwellings by individuals for rent or resale (down $590m, -10.5%).
  • The number of commitments for owner occupied housing finance rose by 0.9%, while the number excluding refinancing increased by 0.8%.


ORIGINAL ESTIMATES
  • The number of first home buyer commitments as a percentage of total owner occupied housing finance commitments decreased from 17.0% in June 2006 to 16.7% in July 2006.
  • The number of fixed rate loan commitments as a percentage of total owner occupied housing finance commitments fell from 16.7% in June 2006 to 16.1% in July 2006.


NOTES

FORTHCOMING ISSUES

ISSUE Release Date
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
January 2007 9 March 2007



CHANGES IN THIS ISSUE

Changes in the format of the Time Series Spreadsheets associated with this publication have been implemented with this edition (July 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) decreased 1.4% in July 2006 compared with June 2006. The trend series for total value of dwelling finance commitments increased by 1.3% in July 2006, the thirteenth consecutive monthly increase.


The total value of owner occupied housing commitments (seasonally adjusted) rose by 1.3% (up $178m) in July 2006, following a revised 1.0% rise in June 2006. Increases were recorded for purchase of established dwellings excluding refinancing (up $157m, 1.9%) and refinancing of established dwellings (up $61m, 1.6%), partially offset by a fall in construction of dwellings (down $23m, -2.1%) and purchase of new dwellings (down $17m, -2.2%). The trend series in the value of owner occupied commitments increased by 1.4% in July 2006, continuing a run of increases since April 2004.


The total value of investment housing commitments (seasonally adjusted) decreased by 7.2% (down $469m) in July 2006 compared with June 2006, following a revised increase of 6.1% in June 2006. The decrease this month was due to decreases in purchase of dwellings by individuals for rent or resale (down $590m, -10.5%) and purchase of dwellings by others for rent or resale (down $49m, -10.1%), more than offsetting an increase in construction of dwellings for rent or resale (up $170m, 41.3%). The trend series in total value of investment housing commitments increased by 1.0% in July 2006, the twelfth consecutive monthly increase.

INVESTMENT HOUSING - TOTAL
Graph: INVESTMENT HOUSING - TOTAL



Number of Owner Occupied Dwellings Financed

The number of owner occupied housing commitments (seasonally adjusted) rose by 0.9% (up 591) in July 2006 compared with June 2006, following a revised increase of 1.1% in June 2006. Increases were recorded in purchase of established dwellings excluding refinancing (up 409, 1.1%), refinancing of established dwellings (up 226, 1.2%), and construction of dwellings (up 10, 0.2%), more than offsetting a decrease in purchase of new dwellings (down 54, -1.8%). The number of owner occupied housing commitments (trend) rose by 1.3% in July 2006.

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



The number of owner occupied housing commitments (seasonally adjusted) increased in July 2006 compared with June 2006 in Victoria (up 448, 3.3%), Queensland (up 253, 1.8%), the Australian Capital Territory (up 56, 7.7%), South Australia (up 29, 0.6%) and Tasmania (up 6, 0.5%). Decreases were recorded in New South Wales (down 111, -0.6%), Western Australia (down 62, -0.6%) and the Northern Territory (down 5, -0.9%). 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 decreased from 17.0% in June 2006 to 16.7% in July 2006. The number of fixed rate loan commitments as a percentage of total owner occupied housing finance commitments fell from 16.7% in June 2006 to 16.1% in July 2006. The average loan size for owner occupied housing commitments rose in July 2006 to $223,500.


Number of Owner Occupied Dwellings Financed Excluding Refinancing

The number of owner occupied housing commitments excluding refinancing (seasonally adjusted) increased by 0.8% in July 2006 compared with June 2006, following a revised increase of 1.1% in June 2006. The trend increased by 1.3% in July 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 0.2% in July 2006, following a revised increase of 2.4% in June 2006. The trend series increased by 0.5% in July 2006, the tenth 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) fell by 1.8% in July 2006, following a revised increase of 0.9% in June 2006. The trend series rose by 1.3% in July 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 1.1% in July 2006, following a revised increase of 1.0% in June 2006. The trend rose by 1.4% in July 2006, the fourteenth consecutive monthly increase.

Graph: Purchase of established dwellings including refinancing


Refinancing

The number of refinancing commitments for owner occupied housing (seasonally adjusted) rose by 1.2% in July 2006 compared with June 2006, following a revised increase of 1.1% in June 2006. The trend series rose by 1.4% in July 2006.

Graph: Refinancing



TYPE OF LENDER (OWNER OCCUPATION)

Banks

The number of owner occupied dwellings financed by banks (seasonally adjusted) increased by 1.6% in July 2006 compared with June 2006, after a revised increase of 1.6% in June 2006. The trend series rose by 1.7% in July 2006, the fourteenth consecutive increase.

Graph: Banks


Non-banks

The number of owner occupied dwellings financed by non-banks (seasonally adjusted) fell by 1.5% in July 2006 compared with June 2006, after a revised decrease of 0.9% in June 2006. The non-bank trend series increased by 0.1% in July 2006, the seventh consecutive monthly increase.

Graph: Non-banks



HOUSING LOAN OUTSTANDINGS

At the end of July 2006, the value of outstanding housing loans financed by authorised deposit-taking institutions was $598,290m, up $9,105m (1.5%) from June's closing balance. Owner occupied housing loans increased by $7,165m (1.8%) to close at $402,379m, while investment housing loans increased by $1,940m (1.0%) to reach a closing balance of $195,911m.


Bank loans increased by $8,447m (1.5%) during July to a closing stock of $563,669m. Owner occupied housing loans of banks increased by $6,379m (1.7%) to $374,460m, while investment housing loans increased $2,068m (1.1%) to $189,209m.


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