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5609.0 - Housing Finance, Australia, Feb 2011 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 06/04/2011   
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FEBRUARY KEY FIGURES

Trend estimates
Seasonally adjusted estimates
Feb 2011
Jan 2011 to Feb 2011
Feb 2011
Jan 2011 to Feb 2011

Value of dwelling commitments(a)(b)
$m
% change
$m
% change
Total dwellings
20 191
-1.0
19 340
-4.0
Owner occupied housing
13 819
-1.0
13 164
-4.8
Investment housing - fixed loans(c)
6 372
-1.0
6 176
-2.3
Number of dwelling commitments(a)(b)
no.
% change
no.
% change
Owner occupied housing
47 977
-1.3
45 393
-5.6
Construction of dwellings
4 683
-1.4
4 571
1.0
Purchase of new dwellings
2 001
-4.9
1 745
-12.0
Purchase of established dwellings
41 293
-1.1
39 076
-6.0

(a) Includes refinancing (see Glossary).
(b) Excludes alterations and additions.
(c) Excludes revolving credit.

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

No. of dwelling commitments, Owner occupied housing
Graph: No. of dwelling commitments, Owner occupied housing




FEBRUARY KEY POINTS


VALUE OF DWELLING COMMITMENTS

February 2011 compared with January 2011:
  • The trend estimate for the total value of dwelling finance commitments excluding alterations and additions fell 1.0%. Owner occupied housing commitments fell 1.0% and investment housing commitments fell 1.0%.
  • In seasonally adjusted terms, the total value of dwelling finance commitments excluding alterations and additions fell 4.0%.


NUMBER OF DWELLING COMMITMENTS

February 2011 compared with January 2011:
  • In trend terms, the number of commitments for owner occupied housing finance fell 1.3%.
  • In trend terms, the number of commitments for the purchase of new dwellings fell 4.9%, the number of commitments for the construction of dwellings fell 1.4% and the number of commitments for the purchase of established dwellings fell 1.1%.
  • In seasonally adjusted terms, the number of commitments for owner occupied housing finance fell 5.6%.
  • In original terms, the number of first home buyer commitments as a percentage of total owner occupied housing finance commitments fell from 15.2% in January 2011 to 14.9% in February 2011.


NOTES

FORTHCOMING ISSUES

ISSUE Release Date
March 2011 16 May 2011
April 2011 8 June 2011
May 2011 11 July 2011
June 2011 9 August 2011
July 2011 7 September 2011
August 2011 12 October 2011



IMPACT OF THE FLOODS

Extensive flooding began in late December 2010 in Queensland, and was more extensive in both Queensland and other states in January 2011. The collection and processing of data included in this publication were not disrupted.

On a month to month basis, original and seasonally adjusted series can be impacted by a number of factors including interest rates, supply constraints, consumer confidence and unusual influences. In February 2011, in seasonally adjusted terms, the number of housing finance commitments fell in all states. However, the specific impact of floods on these estimates can not be quantified.

The trend series provide an estimate of the underlying behaviour of a series over time but, in the short term, may be distorted by unusual influences impacting on the original and seasonally adjusted estimates. Trend series will be subject to revision in future issues as additional monthly original estimates become available. Users are advised to exercise caution when using the most recent trend estimates.

For further information please refer to page 3 of the August 2009 issue of Australian Economic Indicators (cat. no. 1350.0).


REVISIONS

In this issue revisions have been made to the original series as a result of improved reporting of survey and administrative data. These revisions impact on January 2011 data for:
  • Owner occupied housing;
  • Investment housing; and
  • Housing loan outstandings to households.

Seasonally adjusted and trend series have been revised as a result of revisions to the original series, the incorporation of estimates for the latest month and the revision of seasonal factors due to the concurrent seasonal adjustment methodology.


INQUIRIES

For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070 or Steve Sykes on Canberra (02) 6252 6446.


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