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5609.0 - Housing Finance, Australia, Jul 2005  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 06/09/2005   
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JULY KEY FIGURES

Trend estimates
Seasonally adjusted estimates
Jul 2005
Jun 2005 to Jul 2005
Jul 2005
Jun 2005 to Jul 2005

Value of dwelling commitments(a)
$m
% change
$m
% change
Total dwellings
17 064
-0.5
16 976
-1.6
Owner occupied housing
11 683
-0.1
11 704
0.3
Investment housing - fixed loans(b)
5 381
-1.4
5 272
-5.6
Number of dwelling commitments(a)
no.
% change
no.
% change
Owner occupied housing
54 721
-0.4
54 461
0.2
Construction of dwellings
4 471
-0.7
4 341
-3.4
Purchase of new dwellings
2 225
0.5
2 164
-1.4
Purchase of established dwellings
48 025
-0.4
47 956
0.6

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

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

Number of dwelling commitments, Owner occupied housing
Graph: Owner occupied housing finance



JULY KEY POINTS


TREND ESTIMATES

  • Total value of dwelling finance commitments excluding alterations and additions decreased by 0.5% in July 2005, the fourth consecutive monthly decrease. Owner occupied housing decreased by 0.1%, while investment housing fell by 1.4%.
  • The number of commitments for owner occupation decreased by 0.4% in July 2005, while the number excluding refinancing fell by 0.9%.


SEASONALLY ADJUSTED ESTIMATES
  • Total value of dwelling finance commitments excluding alterations and additions fell by 1.6% in July 2005. This decrease was due to the decrease in investment housing commitments (down 5.6%) more than offsetting the slight rise in owner occupied housing commitments (up 0.3%).
  • The number of commitments for owner occupation increased by 0.2% in July 2005, while the number excluding refinancing fell by 1.4%.


ORIGINAL ESTIMATES
  • First home buyer commitments as a percentage of total commitments remained steady at 16.4% in July 2005. The percentage of commitments at a fixed rate of interest (for at least two years) decreased for the fourth successive month, from 10.3% in June to 9.5% in July.


NOTES

CHANGES IN THIS ISSUE

For Table 12 only, it has come to the notice of the ABS that there may be under-reporting of housing loan outstandings by securitisation vehicles to households. In particular, there may be under-reporting of housing loans that back "privately rated, privately placed" asset backed securities. ABS is working with data providers, industry participants and users to correct this problem and it is anticipated that any revisions resulting will be incorporated in the October 2005 reference month release.


It should be noted that the possible revisions relate to mortgages acquired by securitisation trusts from originators, not loan approvals (commitments) by originators compiled in all other tables in this publication.



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) decreased by 1.6% in July 2005. The total dwelling finance trend decreased by 0.5%, the fourth consecutive month of slight decreases.


The total value of owner occupied commitments (seasonally adjusted) increased by 0.3% (up $40m) in July 2005, following an increase of 0.9% in June. Increases in refinancing of established dwellings (up $100m, 3.0%) and purchase of new dwellings (up $40m, 7.8%) more than offset decreases in purchase of established dwellings excluding refinancing (down $69m, -1.0%) and construction of dwellings (down $31m, -3.2%). The trend series in the value of owner occupied commitments fell by 0.1% in July, after remaining relatively steady in June following a run of increases starting in April 2004.


The seasonally adjusted series for value of investment housing commitments (including finance for construction and finance for rent or resale) fell by 5.6% (down $311m) in July 2005, following an increase of 4.1% in June. The decrease this month was due to decreases in purchase of dwellings for rent or resale by individuals (down $217m, -4.8%) and construction of dwellings for rent or resale (down $183m, -26.1%) more than offsetting the increase in purchase of dwellings for rent or resale by others (up $89m, 22.6%). The trend series in total value of investment commitments fell by 1.4%, the fifth consecutive monthly decrease.

INVESTMENT HOUSING - TOTAL
Graph: INVESTMENT HOUSING - TOTAL



Number of Owner Occupied Dwellings Financed

The number of owner occupied dwelling commitments (seasonally adjusted) increased by 0.2% (up 105) in July 2005, following three consecutive monthly decreases. An increase in refinancing of established dwellings (up 631, 3.8%) more than offset decreases in established dwellings excluding refinancing (down 343, -1.1%), construction of dwellings (down 153, -3.4%) and purchase of new dwellings (down 30, -1.4%). The total owner occupied housing finance trend fell by 0.4% in July 2005, the third consecutive month of slight decreases following a run of increases starting in July 2004.


Increases were recorded in seasonally adjusted terms in Western Australia (up 334, 4.4%), New South Wales (up 242, 1.6%), South Australia (up 57, 1.3%), Tasmania (up 24, 2.3%) and Australian Capital Territory (up 10, 1.7%). These increases were partially offset by decreases in Victoria (down 471, -3.6%) and Queensland (down 147, -1.3%), while Northern Territory remained unchanged. The trend decreased in all states and territories except Western Australia and Northern Territory.


In original terms, first home buyer commitments as a percentage of total owner occupied housing commitments remained steady at 16.4% in July 2005. The percentage of commitments at a fixed rate of interest (for at least two years) decreased from 10.3% in June to 9.5% in July.

Graph: Number of Owner Occupied Dwellings Financed


Number of Owner Occupied Dwellings Financed Excluding Refinancing

The number of owner occupied dwellings financed excluding refinancing (seasonally adjusted) decreased by 1.4% in July 2005, following an increase of 0.2% in June. The trend decreased by 0.9% in July 2005, the fourth consecutive monthly decrease.

Graph: Number of Owner Occupied Dwellings Financed Excluding Refinancing



PURPOSE OF FINANCE (OWNER OCCUPATION)

Construction of dwellings

The seasonally adjusted number of construction commitments for owner occupation fell by 3.4% in July 2005, following a decrease of 2.6% in June. The trend series decreased by 0.7% in July 2005, the third 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) fell by 1.4% in July 2005, following a fall of 2.3% in June. The trend series rose by 0.5% in July 2005.

Graph: Purchase of new dwellings


Purchase of established dwellings

The seasonally adjusted established dwelling for owner occupation series increased by 0.6% (up 288) in July 2005, following three consecutive monthly decreases. The increase was due to the strength in refinancing of established dwellings (up 631, 3.8%). The trend fell by 0.4% in July 2005, the third slight decrease following a run of increases starting in July 2004.

Graph: Purchase of established dwellings


Refinancing

The number of refinancing commitments for owner occupied housing (seasonally adjusted) rose by 3.8% in July 2005, following a fall of 3.5% in June. Trend series rose by 0.7% in July 2005, the ninth consecutive monthly increase.

Graph: Refinancing



TYPE OF LENDER (OWNER OCCUPATION)

Banks

The number of owner occupied dwellings financed by banks (seasonally adjusted) increased by 0.2% in July 2005, following a decrease of 1.5% in June 2005. The trend series fell by 0.5% in July, the third consecutive monthly decrease.

Graph: Number of owner occupied dwellings financed by banks


Non-banks

Non-bank commitments for owner occupied housing (seasonally adjusted) increased by 0.1% in July 2005, following an increase of 0.7% in June. Wholesale lenders were up 0.9% while permanent building societies were down 3.0%. The non-bank trend series decreased by 0.1% in July 2005, the fifth consecutive monthly decrease.

Graph: Non-bank commitments for owner occupied housing



HOUSING LOAN OUTSTANDINGS

At the end of July 2005, housing loans outstanding of authorised deposit-taking institutions was $526,728m, up $4,088m (0.8%) from June's closing balance. Owner occupied housing loans increased by $2,816m (0.8%) to close at $351,519m, while investment housing loans outstanding increased by $1,272m (0.7%) to reach a closing balance of $175,209m.


Bank loans increased by $3,909m (0.8%) during July to a closing stock of $495,746m. Owner occupied housing loans of banks increased by $2,673m (0.8%) to $326,653m, while investment housing loans increased $1,236m (0.7%) to $169,093m.


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