5609.0 - Housing Finance for Owner Occupation, Australia, Oct 2003
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 10/12/2003
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OCTOBER KEY FIGURES
OCTOBER KEY POINTS
SEASONALLY ADJUSTED ESTIMATES
CHANGES IN THIS ISSUE
From this issue, the concurrent seasonal adjustment methodology has replaced the forward factor approach used up until now. New seasonal factors based on the concurrent adjustment method have been incorporated, resulting in revisions to all seasonally adjusted and trend series.
A note showing the impacts of the change in methodology on the series in this publication is available on the ABS website (www.abs.gov.au - click on AusStats).
New forward factors will be generated each month under the concurrent adjustment method. The new forward factors are available as additional tables on AusStats.
The value of commitments for the construction or purchase of dwellings for rent or resale is published in the monthly Lending Finance, Australia (cat. no. 5671.0).
SUMMARY OF FINDINGS
Number financed including refinancing
Total housing finance activity (seasonally adjusted) fell 0.3% (down 214) from last month's series high. This decrease was primarily due to a decrease in finance for the purchase of established dwellings excluding refinancing (down 960, -2.7%). Partially offsetting this fall were increases in refinancing (up 608, 3.3%), construction of dwellings (up 93, 1.7%) and purchase of new dwellings (up 45, 2.7%). The total housing commitments trend increased in October (up 987, 1.6%).
There were decreases (seasonally adjusted) in Queensland (down 193, -1.5%), Victoria (down 123, -0.9%), SA (down 118, 2.3%), Tasmania (down 46, -3.3%) and ACT (down 30, -3.4%), while increases were recorded for NSW (up 112, 0.6%) and WA (up 50, 0.7%), NT remained constant. The trend series increased in October 2003 for all states and territories, except for the Northern Territory.
Number financed excluding refinancing
The number of dwellings financed excluding refinancing (seasonally adjusted) decreased in October 2003 (down 822, -1.9%), following rises in nine of the last ten months. The trend series increased by 0.8% in October.
The number of refinancing commitments (seasonally adjusted) rose by 3.3% in October 2003, making October the sixth consecutive month of growth. As a result, trend growth remained strong, at 3.7%.
The seasonally adjusted bank series increased by 0.8% in October 2003, following larger increases in the previous five months. Growth in the trend series eased slightly to 1.7%.
After ten months of growth in seasonally adjusted terms, non-bank lending commitments decreased by 3.5% (seasonally adjusted) in October 2003. There were
seasonally adjusted decreases recorded for permanent building societies (down 2.6%) and wholesale lenders (down 1.0%). The non-bank trend series continued to increase in October, but at the slower rate of 1.4%.
For further information about these and related statistics, contact Darren Page on Canberra 02 6252 6731, or the ABS National Information and Referral Service on 1300 135 070.
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