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5609.0 - Housing Finance, Australia, Sep 2005  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 09/11/2005   
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SEPTEMBER KEY FIGURES

Trend estimates
Seasonally adjusted estimates
Sep 2005
Aug 2005 to Sep 2005
Sep 2005
Aug 2005 to Sep 2005

Value of dwelling commitments(a)
$m
% change
$m
% change
Total dwellings
17 315
0.4
17 664
3.2
Owner occupied housing
12 121
1.1
12 422
3.7
Investment housing - fixed loans(b)
5 194
-1.0
5 242
2.1
Number of dwelling commitments(a)
no.
% change
no.
% change
Owner occupied housing
56 005
0.7
57 704
4.6
Construction of dwellings
4 308
-0.8
4 316
-0.4
Purchase of new dwellings
2 300
1.0
2 369
3.7
Purchase of established dwellings
49 397
0.8
51 019
5.1

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

Value of dwelling commitments, Total dwellings
Graph: Value of dwelling commitments, Total dwellings

Owner occupied housing finance
Graph: Owner occupied housing finance



SEPTEMBER KEY POINTS


TREND ESTIMATES

  • Total value of dwelling finance commitments excluding alterations and additions returned to a picture of growth in September 2005, increasing by 0.4%. The value of owner occupied housing commitments increased by 1.1%, while the value of investment housing commitments fell by 1.0%.
  • The number of commitments for owner occupied housing finance increased by 0.7% in September 2005, while the number excluding refinancing rose by 0.6%.


SEASONALLY ADJUSTED ESTIMATES
  • Total value of dwelling finance commitments excluding alterations and additions rose by 3.2% in September 2005. The value of owner occupied housing commitments increased by 3.7%, due mainly to increased competition between lenders. The value of investment housing commitments increased by 2.1% (up $106m), driven primarily by a large increase in the value of commitments for the construction of dwellings for rent or resale (up $91m, 17.4%).
  • The number of commitments for owner occupied housing finance increased by 4.6% in September 2005, while the number excluding refinancing rose by 3.5%.


ORIGINAL ESTIMATES
  • The number of first home buyer commitments as a percentage of total owner occupied housing finance commitments rose slightly to 17.4% in September 2005.


NOTES

CHANGES IN THIS ISSUE

Data quality assurance procedures identified an instance of misreporting in the state breakdown of owner occupied housing commitments for September. As a result, the ABS has imputed state breakdown of the number and value of refinancing commitments for owner occupied housing. Minor revisions to these series will be incorporated in the October 2005 issue when firm data becomes available from providers.



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) increased by 3.2% in September 2005. The trend series for total value of dwelling finance commitments increased by 0.4% in September. The trend series has been revised from a slight decline in recent months, to a slight trend growth, reflecting the strength in the September seasonally adjusted series.


The total value of owner occupied housing commitments (seasonally adjusted) increased by 3.7% (up $446m) in September 2005, following an increase of 1.3% in August. The increase this month was due to increases in purchase of established dwellings excluding refinancing (up $262m, 3.7%), refinancing of established dwellings (up $154m, 4.6%), purchase of new dwellings (up $20m, 3.5%) and construction of dwellings (up $10m, 1.0%). The trend series in the value of owner occupied commitments increased by 1.1% in September, with the trend flatness published for August revised to a moderate increase of 1.0%, influenced by the strong growth in the seasonally adjusted series this month.


The total value of investment housing commitments (seasonally adjusted) rose by 2.1% (up $106m) in September 2005, following a decrease of 3.1% in August. The increase this month was due to increases in construction of dwellings for rent or resale (up $91m, 17.4%) and purchase of dwellings for rent or resale by others (up $35m, 8.8%) more than offsetting the decrease in purchase of dwellings for rent or resale by individuals (down $20m, -0.5%). The trend series in total value of investment housing commitments fell by 1.0%, the seventh consecutive monthly decrease.

INVESTMENT HOUSING - TOTAL
Graph: INVESTMENT HOUSING - TOTAL



Number of Owner Occupied Dwellings Financed

The number of owner occupied housing commitments (seasonally adjusted) increased by 4.6% (up 2523) in September 2005, following a revised increase of 0.4% in August. The increases in purchase of established dwellings excluding refinancing (up 1260, 4.0%), refinancing of established dwellings (up 1196, 7.1%) and purchase of new dwellings (up 85, 3.7%) were partially offset by a slight decrease in construction of dwellings (down 18, -0.4%). The number of owner occupied housing commitments (trend) rose by 0.7% in September 2005, with the trend decline published for August revised to a slight increase of 0.5%, influenced by the strong growth in the seasonally adjusted series this month.


Increases in the number of owner occupied housing commitments were recorded in seasonally adjusted terms in New South Wales (up 1214, 7.6%), Queensland (up 672, 5.7%), Victoria (up 482, 3.9%), South Australia (up 381, 8.3%), Northern Territory (up 103, 15.7%), Tasmania (up 32, 3.1%) and Australian Capital Territory (up 7, 1.0%). These increases were partially offset by a decrease in Western Australia (down 199, -2.4%). The trend increased in all states and territories except Victoria and Tasmania.


In original terms, the number of first home buyer commitments as a percentage of total owner occupied housing finance commitments rose slightly to 17.4% in September 2005. The percentage of commitments at a fixed rate of interest (for at least two years) decreased from 9.1% in August to 8.7% in September.

Graph: Number of owner occupied dwellings financed


Number of Owner Occupied Dwellings Financed Excluding Refinancing

The number of owner occupied housing commitments excluding refinancing (seasonally adjusted) increased by 3.5% in September 2005, following an increase of 1.0% in August. The trend increased by 0.6% in September 2005.

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 by 0.4% in September 2005, following an increase of 0.8% in August. The trend series decreased by 0.8% in September 2005, the fifth consecutive monthly decrease.

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 3.7% in September 2005, following a rise of 5.4% in August. The trend series rose by 1.0% in September 2005.

Graph: Purchase of new dwellings


Purchase of established dwellings

The number of finance commitments for established dwellings for owner occupation (seasonally adjusted) increased by 5.1% in September 2005, following a revised increase of 0.1% in August. The trend rose by 0.8% in September 2005, following a revised increase of 0.6% in August.

Graph: Purchase of established dwellings


Refinancing

The number of refinancing commitments for owner occupied housing (seasonally adjusted) rose by 7.1% in September 2005, following a fall of 1.0% in August. The trend series rose by 0.8% in September 2005, following a revised increase of 0.9% in August.

Graph: Number of refinancing commitments



TYPE OF LENDER (OWNER OCCUPATION)

Banks

The number of owner occupied dwellings financed by banks (seasonally adjusted) increased by 4.6% in September 2005, following an increase of 0.9% in August 2005. The trend series rose by 0.7% in September, following a revised increase of 0.5% in August.

Graph: Number of owner occupied dwellings financed by banks


Non-banks

The number of owner occupied dwellings financed by non-banks (seasonally adjusted) increased by 4.4% in September 2005, following a decrease of 1.1% in August. Commitments by wholesale lenders were up 6.3%, while commitments by permanent building societies were down 2.2%. The non-bank trend series increased by 0.5% in September 2005, following a revised increase of 0.5% in August.

Graph: Number of owner occupied dwellings financed by non-banks



HOUSING LOAN OUTSTANDINGS

At the end of September 2005, housing loans outstanding of authorised deposit-taking institutions was $543,462m, up $2,767m (0.5%) from August's revised closing balance. Owner occupied housing loans increased by $2,301m (0.6%) to close at $362,754m, while investment housing loans outstanding increased by $466m (0.3%) to reach a closing balance of $180,708m.


Bank loans increased by $2,762m (0.5%) during September to a closing stock of $512,180m. Owner occupied housing loans of banks increased by $2,168m (0.6%) to $337,540m, while investment housing loans increased $594m (0.3%) to $174,640m.


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