5609.0 - Housing Finance, Australia, Apr 2007

ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 08/06/2007

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Main Features Summary of Findings About this Release	SUMMARY OF FINDINGS DWELLINGS FINANCED Value of Dwellings Financed The total value of dwelling commitments excluding alterations and additions (seasonally adjusted) increased 2.7% in April 2007 compared with March 2007. The trend series for total value of dwelling finance commitments increased by 1.3% in April 2007. The total value of owner occupied housing commitments (seasonally adjusted) rose by 3.5% (up $515m) in April 2007, following a 1.6% rise in March 2007. An increase was recorded for purchase of established dwellings excluding refinancing (up $452m, 5.0%) and refinancing of established dwellings (up $116m, 3.0%), more than offsetting a decrease in purchase of new dwellings (down $37m, 4.8%) and construction of dwellings (down $15m, 1.4%). The trend series in the value of owner occupied commitments increased by 1.2% in April 2007. The total value of investment housing commitments (seasonally adjusted) increased by 0.7% (up $45m) in April 2007 compared with March 2007, following a decrease of 5.0% in March 2007. The increase this month was due to a rise in purchase of dwellings by individuals for rent or resale (up $144m, 2.7%) and purchase of dwellings by others for rent or resale (up $95m, 19.4%), more than offsetting a decrease in construction of dwellings for rent or resale (down $195m, 38.2%). The trend series in total value of investment housing commitments increased by 1.5% in April 2007. INVESTMENT HOUSING - TOTAL Number of Owner Occupied Dwellings Financed The number of owner occupied housing commitments (seasonally adjusted) increased by 2.2% (up 1,430) in April 2007 compared with March 2007, following an increase of 1.5% in March 2007. Increases were recorded in purchase of established dwellings excluding refinancing (up 1,061, 2.8%) and refinancing of established dwellings (up 495, 2.6%), which more than offset a decrease in construction of dwellings (down 64, 1.4%) and purchase of new dwellings (down 62, 2.1%). The number of owner occupied housing commitments (trend) increased 0.7% in April 2007. The number of owner occupied housing commitments (seasonally adjusted) increased in April 2007 compared with March 2007 in New South Wales (up 859, 4.6%), Western Australia (up 658, 7.8%), Queensland (up 323, 2.1%), Victoria (up 267, 1.9%), South Australia (up 131, 2.5%) and Tasmania (up 38, 3.3%). Decreases were recorded in the Australian Capital Territory (down 133, 13.4%) and the Northern Territory (down 27, 5.4%). The trend estimates increased in all states and the Australian Capital Territory. In original terms, the number of first home buyer commitments as a percentage of total owner occupied housing finance commitments increased from 16.6% in March 2007 to 17.2% in April 2007. The number of fixed rate loan commitments as a percentage of total owner occupied housing finance commitments rose from 18.2% in March 2007 to 20.0% in April 2007. The average loan size for owner occupied housing commitments fell from $227,700 in March 2007 to $227,500 in April 2007. 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 2.1% in April 2007 compared with March 2007, following an increase of 2.4% in March 2007. The trend rose 1.2% in April 2007. PURPOSE OF FINANCE (OWNER OCCUPATION) Construction of dwellings The number of construction commitments for owner occupation (seasonally adjusted) fell 1.4% in April 2007, following a 1.2% increase for March 2007. The trend series fell by 0.2% in April 2007. Purchase of new dwellings The number of finance commitments for the purchase of new dwellings for owner occupation (seasonally adjusted) fell by 2.1% in April 2007, following an increase of 5.6% in March 2007. The trend series rose by 1.6% in April 2007 the fifth consecutive monthly increase. Purchase of established dwellings (including refinancing) The number of finance commitments for the purchase of established dwellings for owner occupation (seasonally adjusted) rose 2.7% in April 2007, following an increase of 1.3% in March 2007. The trend series increased by 0.8% in April 2007, the fifth consecutive monthly increase. Refinancing The number of refinancing commitments for owner occupied housing (seasonally adjusted) rose by 2.6% in April 2007 compared with March 2007, following a decrease of 0.5% in March 2007. The trend series fell by 0.3% in April 2007, the seventh consecutive monthly decrease. TYPE OF LENDER (OWNER OCCUPATION) Banks The number of owner occupied dwellings financed by banks (seasonally adjusted) increased by 0.9% in April 2007 compared with March 2007, after a 1.6% increase in March 2007. The trend series rose by 0.6% in April 2007. Non-banks The number of owner occupied dwellings financed by non-banks (seasonally adjusted) rose by 7.3% in April 2007 compared with March 2007, after an increase of 1.0% in March 2007. The non-bank trend series increased by 1.3% in April 2007. HOUSING LOAN OUTSTANDINGS At the end of April 2007, the value of outstanding housing loans financed by authorised deposit-taking institutions was $640,043m, up $5,935m (0.9%) from the March 2007 closing balance. Owner occupied housing loans increased by $4,235m (1.0%) to close at $432,721m, while investment housing loans increased by $1,700m (0.8%) to reach a closing balance of $207,322m. Bank loans increased by $5,645m (0.9%) during April to a closing stock of $602,673m. Owner occupied housing loans of banks increased by $3,988m (1.0%) to $402,868m, while investment housing loans increased $1,657m (0.8%) to $199,805m. Document Selection These documents will be presented in a new window.