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5609.0 - Housing Finance, Australia, Jun 2004  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 09/08/2004   
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JUNE KEY FIGURES

Trend estimates
Seasonally adjusted estimates
Jun 2004
May 2004 to Jun 2004
Jun 2004
May 2004 to Jun 2004

Value of dwelling commitments(a)
$m
% change
$m
% change
Total dwellings
15,154
-0.5
14,778
-4.7
Owner occupied housing
9,750
0.3
9,630
-2.4
Investment housing - fixed loans(b)
5,405
-1.8
5,148
-8.8
Number of dwelling commitments(a)
no.
% change
no.
% change
Owner occupied housing
47,731
-1.2
47,122
-3.3
Construction of dwellings
5,066
-0.8
4,899
-5.1
Purchase of new dwellings
1,766
0.6
1,760
-0.1
Purchase of established dwellings
40,899
-1.3
40,463
-3.3

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

Housing finance, Value of dwellings

Graph: Finance Commitments for Housing: Original, Seasonally Adjusted and Trend ($'000)

Owner occupied housing finance, Number of dwellings

Graph: Owner occupied housing finance



JUNE KEY POINTS


TREND ESTIMATES

  • Total value of dwelling finance commitments decreased by 0.5% in June 2004, the ninth consecutive monthly decrease. Owner occupied housing rose slightly (up 0.3%) after remaining static the previous month and falling in the seven preceding months. Investment housing decreased in June 2004 (down 1.8%) for the ninth consecutive month.
  • The number of housing finance commitments for owner occupation fell by 1.2% in June 2004, while the number excluding refinancing fell by 0.8%.


SEASONALLY ADJUSTED ESTIMATES
  • Total value of housing finance commitments fell by 4.7% in June 2004, the second consecutive monthly decrease. This fall was due to decreases in both investment housing commitments (down 8.8%) and owner occupied housing commitments (down 2.4%).
  • The number of housing finance commitments for owner occupied housing fell by 3.3% in June 2004, the second consecutive monthly decrease. The number excluding refinancing decreased by 4.5%.


ORIGINAL ESTIMATES
  • The percentage of first home buyer commitments increased for the third consecutive month after the record low in March 2004, increasing to 14.4% in June 2004.


NOTES

CHANGES IN THIS ISSUE

There are no 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 Canberra (02) 6252 5040.



SUMMARY COMMENTARY


HOUSING FINANCE SUMMARY OF FINDINGS


DWELLINGS FINANCED

Value of Dwellings Financed

The total value of dwelling commitments excluding alterations and additions (seasonally adjusted) decreased by 4.7% in June 2004, the second consecutive monthly decrease. The total housing finance trend fell by 0.5% in June 2004, the ninth consecutive monthly decrease.


The total value of owner occupied commitments (seasonally adjusted) fell by 2.4% in June 2004, following a 0.9% decrease in May. Decreases in the purchase of new dwellings (down 2.9%), construction of dwellings (down 2.6%) and established dwellings excluding refinancing (down 3.6%) were offset partially by an increase in refinancing of established dwellings (up 0.2%). The trend series rose by 0.3% in June.


The seasonally adjusted series for value of investment housing commitments (including finance for construction and finance for rent or resale) decreased by 8.8% in June 2004, following revised decreases of 2.2% in May and 3.0% in April. The decrease this month was primarily due to a large decrease in finance for the purchase of dwellings for rent or resale by individuals (down 10.3%). Partially offsetting this fall was an increase in construction of dwellings for rent or resale (up 8.2%). The trend series fell by 1.8%.

INVESTMENT HOUSING - TOTAL

Graph: INVESTMENT HOUSING - TOTAL



Number of Owner Occupied Dwellings Financed

The number of owner occupied dwelling commitments (seasonally adjusted) decreased by 3.3% in June 2004, the second consecutive monthly decrease. The decrease was mainly due to the purchase of established dwellings excluding refinancing (down 1,291, -4.7%) and construction of dwellings (down 264, -5.1%). There were also slight decreases in refinancing of established dwellings (down 72, -0.5%) and purchase of new dwellings (down 2, -0.1%).


The total owner occupied housing finance trend fell by 1.2% in June 2004, continuing its decline since September 2003 but at a decelerating rate for the fifth successive month.


Decreases were recorded in seasonally adjusted terms in NSW (down 629, -4.1%), SA (down 375, -9.2%), Victoria (down 324, -3.0%), WA (down 198, -3.1%), ACT (down 54, -8.9%) and NT (down 2, -0.6%). There were increases in QLD (up 194, 2.0%) and Tasmania (up 3, 0.2%). The trend decreased in all states and territories except NT, where the number of housing finance commitments for owner occupation have remained unchanged for three consecutive months.


In original terms, the average loan size for owner occupied housing commitments fell by $1 300 to $202 700 in June 2004, following four consecutive increases. First home buyer commitments as a percentage of total owner occupied housing commitments rose to 14.4% in June 2004, the third consecutive monthly increase since the record low of 12.8% in March 2004.

Graph: Owner Occupied Dwellings Financed


Number of Owner Occupied Dwellings Financed Excluding Refinancing

The number of owner occupied dwellings financed excluding refinancing (seasonally adjusted) fell by 4.5% in June 2004, after a 2.0% decrease in May. The trend fell 0.8% in June 2004, its tenth consecutive monthly decline but at a decelerating rate for the sixth successive month.

Graph: Housing Finance - Dwellings Financed - Number of Owner Occupied Dwellings Financed



PURPOSE OF FINANCE (OWNER OCCUPATION)

Construction of dwellings

The seasonally adjusted number of construction commitments for owner occupation fell by 5.1% in June 2004, after a 3.1% fall in May. The trend series fell 0.8% in June 2004, the tenth successive month of trend decline.

Graph: Housing Finance - Dwellings Financed - Number of Owner Occupied Dwellings Financed Excluding Refinancing


Purchase of new dwellings

The number of finance commitments for the purchase of new dwellings for owner occupation (seasonally adjusted) fell by 0.1% in June 2004. This follows a fall of 4.8% in May 2004 and an increase of 7.7% in April 2004. The trend series rose 0.6% in June 2004.

Graph: Housing Finance - PURPOSE OF FINANCE - Construction of dwellings


Purchase of established dwellings

The seasonally adjusted established dwelling for owner occupation series decreased by 3.3% in June 2004, the ninth consecutive month of decreasing commitments. The trend fell 1.3% in June 2004, continuing its decline since September 2003 but at a decelerating rate for the fifth successive month.

Graph: Housing Finance - PURPOSE OF FINANCE - Purchase of new dwellings


Refinancing

The number of refinancing commitments for owner occupied housing (seasonally adjusted) fell by 0.5% in June 2004, the second successive month of decreasing commitments. The trend series decreased by 2.2% in June.

Graph: Housing Finance - PURPOSE OF FINANCE - Purchase of established dwellings



TYPE OF LENDER (OWNER OCCUPATION)

Banks

The number of owner occupied dwellings financed by banks (seasonally adjusted) decreased for the eighth time in nine months, falling by 4.0% (down 1 456) in June 2004 after a fall of 2.3% in May and an increase of 1.2% in April. The trend series fell 1.0% in June.

Graph: Housing Finance - PURPOSE OF FINANCE - Refinancing


Non-banks

Non-bank commitments for owner occupied housing (seasonally adjusted) decreased for the ninth consecutive month in June 2004, falling by 1.4%. This decrease was primarily driven by a large seasonally adjusted decrease (-12.8%) for permanent building societies, partially offset by an increase in commitments by wholesale lenders (5.5%). The non-bank trend series fell by 1.8% in June 2004.

Graph: Housing Finance - TYPE OF LEND



HOUSING LOAN OUTSTANDINGS

At the end of June 2004, housing loans outstanding of authorised deposit-taking institutions was $468 071m, up $4 343m (0.9%) from May's closing balance. Owner occupied housing loans increased by $960m (0.3%) to close at $310 497m, while investment housing loans outstanding increased by $3 383m (2.2%) to reach a closing balance of $157 574m.


Bank loans increased by $4 363m (1.0%) during June to a closing stock of $440 258m. Owner occupied housing loans of banks increased by $1 302m (0.5%) to $288 352m, while investment housing loans increased $3 062m (2.1%) to $151 907m.


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