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APRIL KEY FIGURES

	Trend estimates		Seasonally adjusted estimates
	Apr 2005	Mar 2005 to Apr 2005	Apr 2005	Mar 2005 to Apr 2005
Value of dwelling commitments(a)	$m	% change	$m	% change
Total dwellings	17,799	0.8	17,639	0.4
Owner occupied housing	11,935	1.2	11,830	-0.3
Investment housing - fixed loans(b)	5,864	0.1	5,809	1.9
Number of dwelling commitments(a)	no.	% change	no.	% change
Owner occupied housing	56,224	1.2	56,227	0.6
Construction of dwellings	4,553	0.9	4,554	0.5
Purchase of new dwellings	2,167	2.1	2,239	5.2
Purchase of established dwellings	49,504	1.2	49,434	0.4
(a) Includes refinancing.
(b) Excludes revolving credit.

Housing finance, Value of dwellings

Owner occupied housing, Number of dwellings

APRIL KEY POINTS


TREND ESTIMATES

• Total value of dwelling finance commitments excluding alterations and additions increased by 0.8% in April 2005, the ninth consecutive monthly increase. Owner occupied housing increased by 1.2%, while investment housing rose by 0.1%.
• The number of commitments for owner occupation increased by 1.2% in April 2005, while the number excluding refinancing rose by 0.7%.

• Total value of dwelling finance commitments excluding alterations and additions rose by 0.4% in April 2005.
• Investment housing commitments increased by 1.9%, driven primarily by a large increase in construction of dwellings for rent or resale (up $103m, 19.9%). This increase in investment housing commitments more than offset the slight fall in owner occupied housing commitments (down 0.3%).
• The number of commitments for owner occupied housing increased by 0.6% in April 2005, while the number excluding refinancing decreased by 1.8%.

• The percentage of the number of commitments for owner-occupied housing at a fixed rate of interest (for at least two years) decreased from 14.6% in March to 13.4% in April, but remains at a relatively high proportion of total commitments.

The improved seasonal adjustment method has been applied to:

• Owner Occupied Refinancing, both number and value
• Owner Occupied Wholesale lenders, both number and value

• Owner Occupied Total less Refinancing, both number and value.

Data quality assurance procedures identified misreporting of the number of loans for April, which the relevant data provider was not able to correct in the time available. As a result, the ABS has imputed the number of loans based on the movement in loan value from March to April for this provider.

Estimates of the number of dwellings refinanced for March, February and January 2005 have been revised due to a provider correcting errors in previously provided data.

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) increased by 0.4% in April 2005. The total housing finance trend increased by 0.8%, the ninth consecutive monthly increase.

The total value of owner occupied commitments (seasonally adjusted) decreased by 0.3% (down $33m) in April 2005, following an increase of 0.5% in March. The decrease in purchase of established dwellings excluding refinancing (down $162m, -2.3%) more than offset increases in refinancing of established dwellings (up $116m, 3.6%), purchase of new dwellings (up $9m, 1.9%) and construction of dwellings (up $4m, 0.4%). The trend series in the value of owner occupied commitments rose by 1.2% in April.

The seasonally adjusted series for value of investment housing commitments (including finance for construction and finance for rent or resale) increased by 1.9% (up $111m) in April 2005, following a fall of 5.1% in March. The increase this month was due to increases in the construction of dwellings for rent or resale (up $103m, 19.9%) and purchase of dwellings for rent or resale by individuals (up $13m, 0.3%) more than offsetting a decrease in purchase of dwellings for rent or resale by others (down $6m, -1.3%). The trend series in total value of investment commitments rose by 0.1%.

Increases were recorded in seasonally adjusted terms in Victoria (up 171, 1.3%), Tasmania (up 132, 13.0%), South Australia (up 82, 1.7%), Northern Territory (up 50, 9.9%), Queensland (up 49, 0.4%) and Australian Capital Territory (up 26, 4.4%). These increases were partially offset by a falls in New South Wales (down 300, -1.8%) and Western Australia (down 140, -1.8%). The trend increased in all states and territories except Northern Territory.

In original terms, first home buyer commitments as a percentage of total owner occupied housing commitments increased to 16.1% in April 2005. The percentage of commitments at a fixed rate of interest (for at least two years) decreased from 14.6% in March to 13.4% in April.

Bank loans increased by $6,816m (1.4%) during April to a closing stock of $480,740m. Owner occupied housing loans of banks increased by $4,798m (1.5%) to $316,233m, while investment housing loans increased $2,018m (1.2%) to $164,507m.