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February Key Figures

		Feb 2004	Jan 2004 to Feb 2004
		no.	% change
TREND ESTIMATES
	Total number of dwelling commitments	52,431	-3.3
	Construction of dwellings	5,243	-1.6
	Purchase of new dwellings	1,907	-2.0
	Purchase of established dwellings(a)	45,281	-3.5
SEASONALLY ADJUSTED ESTIMATES
	Total number of dwelling commitments	50,692	-4.3
	Construction of dwellings	5,165	-3.6
	Purchase of new dwellings	1,845	10.2
	Purchase of established dwellings(a)	43,682	-4.9
(a) Includes refinancing.

Housing finance, Number of dwellings

Number of dwellings, Trend estimates—% change

February Key Points


Trend Estimates

• The trend estimate for the number of housing finance commitments for owner occupation declined by 3.3% in February 2004. The trend series excluding refinancing fell by 3.6% in February. The trend series for the value of commitments decreased by 3.1%.
• The construction finance trend series recorded a decrease of 1.6% in February 2004, the sixth consecutive monthly decrease. There were also decreases in the trend series for purchase of new dwellings (down 2.0%), refinancing (down 2.6%) and the purchase of established dwellings which fell for the fifth consecutive month (down 3.5%).

• The number of housing finance commitments (seasonally adjusted) decreased by 4.3% in February 2004, driven primarily by the decrease in refinancing of established dwellings (down 12.2%). There were also decreases in construction of dwellings (down 3.6%) and purchase of established dwellings excluding refinancing (down 0.4%), while there was an increase in purchase of new dwellings (up 10.2%).
• The value of commitments (seasonally adjusted) fell by 1.1% in February 2004. The slower rate of decrease in the value of commitments compared with number of dwellings reflected growth in the average loan size.

• Loans to first home buyers was 12.7% of all loans, a record low.
• The average loan value was $190,600 in February 2004, up from the January figure of $186,400.

CHANGES IN FORTHCOMING ISSUES

From the March 2004 issue this publication will be renamed Housing Finance, Australia and will include two additional tables:

• a new table on the Value of Finance Commitments for Housing. This new table will be the same in content and format as table 8 (Finance Commitments for Housing) published in Lending Finance, Australia (ABS cat. no. 5671.0). This will ensure that information on lending commitments for owner occupation housing and investment housing are released on the same date;
• a new table of home loan outstandings classified by lender. This new table will contain monthly data from March 2002 for Authorised Deposit-taking Institutions (ADIs) classified by type of lender and split by owner-occupation housing and investment housing. For other lending institutions, total housing loan outstandings will be provided on a quarterly basis to provide a complete picture of all financial institutions providing finance for the purpose of housing.

The numbering of all tables currently in this publication will remain unchanged. However, some changes to unpublished AusStats table numbers will be necessary, although all data currently available will continue to be available in the same format. Queries regarding the changes may be directed to Darren Page on 02 6252 6731 or email darren.page@abs.gov.au.

Inquiries

For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070 or Darren Page on Canberra 02 6252 6731.

Summary Commentary


Housing Finance Summary of Findings


Dwellings Financed

Number financed including refinancing

The seasonally adjusted housing finance series continued its recent decline, decreasing by 4.3% in February, the fifth successive monthly decrease. The decrease was mainly due to the refinancing of established dwellings (down 2147, -12.2%), while there were also decreases in construction of dwellings (down 192, -3.6%) and purchase of established dwellings excluding refinancing (down 107, -0.4%). An increase in purchase of new dwellings (up 171, 10.2%) partly offset these decreases.

The total housing finance trend fell by 3.3% in February 2004. The significant fall in the seasonally adjusted series this month has resulted in a stronger trend decline, with downward revisions to the trend series back to October 2003.

There were decreases (seasonally adjusted) in NSW (down 960, -5.6%), Victoria (down 745, -6.2%), SA (down 88, -1.9%), ACT (down 81, -12.0%), Tasmania (down 67, -6.2%), WA (down 65, -1.0%), and Queensland (down 25, -0.2%). The only increase was for NT (up 30, 7.3%). The trend series decreased in February 2004 for all states and territories.

Number financed excluding refinancing

The number of dwellings financed excluding refinancing (seasonally adjusted) decreased slightly in February 2004 (down 128, -0.4%), following larger decreases in the previous four months. The trend series decreased by 3.6% in February.

Purpose of Finance

Construction of dwellings

Construction commitments (seasonally adjusted) fell by 3.6% in February 2004, after an increase of 1.4% in January. The trend fell 1.6% in February 2004.