FEBRUARY KEY FIGURES
 | Trend estimates
| Seasonally adjusted estimates
| |
| Feb 2005 | Jan 2005 to Feb 2005 | Feb 2005 | Jan 2005 to Feb 2005 | |
| |
| Value of dwelling commitments(a) | $m | % change | $m | % change | |
| Total dwellings | 17,556 | 1.8 | 17,911 | 5.0 | |
| Owner occupied housing | 11,576 | 1.8 | 11,835 | 5.0 | |
| Investment housing - fixed loans(b) | 5,980 | 1.7 | 6,076 | 4.9 | |
| Number of dwelling commitments(a) | no. | % change | no. | % change | |
| Owner occupied housing | 54,472 | 1.3 | 55,466 | 3.7 | |
| Construction of dwellings | 4,421 | 0.8 | 4,510 | 2.3 | |
| Purchase of new dwellings | 2,012 | 0.6 | 2,049 | 5.2 | |
| Purchase of established dwellings | 48,039 | 1.4 | 48,907 | 3.8 | |
| |
| (a) Includes refinancing. |
| (b) Excludes revolving credit. |
Housing finance, Value of dwellings
| Owner occupied housing finance
|
FEBRUARY KEY POINTS
TREND ESTIMATES
- Total value of dwelling finance commitments excluding alterations and additions increased by 1.8% in February 2005, the seventh consecutive monthly increase. Owner occupied housing increased by 1.8%, while investment housing rose by 1.7%.
- The number of commitments for owner occupation increased by 1.3% in February 2005, while the number excluding refinancing rose by 1.6%.
SEASONALLY ADJUSTED ESTIMATES
- Total value of dwelling finance commitments excluding alterations and additions rose by 5.0% in February 2005. This rise was due to increases in both owner occupied housing commitments (up 5.0%) and investment housing commitments (up 4.9%).
- Investment housing commitments increased through purchase of dwellings for rent or resale (by others up $125m, 28.5%; by individuals up $104m, 2.2%) and construction of dwellings for rent or resale (up $57m, 10.6%).
- The number of commitments for owner occupied housing increased by 3.7% in February 2005, the seventh monthly increase in the past eight months. The number excluding refinancing increased by 3.9%.
ORIGINAL ESTIMATES
- First home buyer commitments as a percentage of total commitments fell to 15.7% in February 2005.
NOTES
CHANGES IN THIS ISSUE
There are no changes in this issue.
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 5.0% in February 2005. The total housing finance trend increased by 1.8%, the seventh consecutive monthly increase.
The total value of owner occupied commitments (seasonally adjusted) increased by 5.0% (up $561m) in February 2005, following an increase of 0.2% in the revised January estimate. Increases were recorded in the purchase of established dwellings excluding refinancing (up $435m, 6.3%), refinancing of established dwellings (up $97m, 3.2%), construction of dwellings (up $28m, 2.9%) and purchase of new dwellings (up $2m, 0.5%). The trend series in the value of owner occupied commitments rose by 1.8% in February.
The seasonally adjusted series for value of investment housing commitments (including finance for construction and finance for rent or resale) increased by 4.9% (up $287m) in February 2005, following a fall of 2.4% in January. The increase this month was due to increases in purchase of dwellings for rent or resale by others (up $125m, 28.5%), purchase of dwellings for rent or resale by individuals (up $104m, 2.2%) and finance for the construction of dwellings for rent or resale (up $57m, 10.6%). The trend series in total value of investment commitments rose by 1.7%.
INVESTMENT HOUSING - TOTAL
Number of Owner Occupied Dwellings Financed
The number of owner occupied dwelling commitments (seasonally adjusted) increased by 3.7% (up 1976) in February 2005, the seventh increase in the past eight months. Increases were recorded in the purchase of established dwellings excluding refinancing (up 1279, 4.0%), refinancing of established dwellings (up 493, 3.2%), construction of dwellings (up 103, 2.3%) and purchase of new dwellings (up 101, 5.2%). The total owner occupied housing finance trend rose by 1.3% in February 2005, the eighth consecutive monthly increase.
Increases were recorded in seasonally adjusted terms in New South Wales (up 991, 6.5%), Queensland (up 686, 5.8%), South Australia (up 249, 5.6%), Victoria (up 232, 1.9%) and Western Australia (up 192, 2.6%). These increases were partially offset by falls in Tasmania (down 61, -5.2%) Northern Territory (down 38, -6.7%) and Australian Capital Territory (down 34, -5.4%). The trend increased in all states and territories except Western Australia and Northern Territory.
In original terms, first home buyer commitments as a percentage of total owner occupied housing commitments fell to 15.7% in February 2005. The percentage of commitments at a fixed rate of interest (for at least two years) increased from 9.8% in January to 11.2% in February.
Number of Owner Occupied Dwellings Financed Excluding Refinancing
The number of owner occupied dwellings financed excluding refinancing (seasonally adjusted) increased by 3.9% in February 2005, the fourth consecutive monthly increase. The trend increased by 1.6% in February 2005, the ninth consecutive monthly increase.
PURPOSE OF FINANCE (OWNER OCCUPATION)
Construction of dwellings
The seasonally adjusted number of construction commitments for owner occupation rose by 2.3% in February 2005, following an increase of 2.4% in January. The trend series increased by 0.8% in February.
Purchase of new dwellings
The number of finance commitments for the purchase of new dwellings for owner occupation (seasonally adjusted) rose by 5.2% in February 2005, following a decrease of 3.9% in January. The trend series rose 0.6% in February 2005.
Purchase of established dwellings
The seasonally adjusted established dwelling for owner occupation series increased by 3.8% in February 2005, the seventh monthly increase in the past eight months. The trend rose by 1.4% in February 2005, the eighth consecutive monthly increase.
Refinancing
The number of refinancing commitments for owner occupied housing (seasonally adjusted) rose by 3.2% in February 2005, after a fall of 0.9% in January. The trend series rose 0.5% in February 2005.
TYPE OF LENDER (OWNER OCCUPATION)
Banks
The number of owner occupied dwellings financed by banks (seasonally adjusted) increased by 4.0% in February 2005, after a rise of 1.5% in January. The trend series increased by 1.6% in February, the eighth consecutive monthly increase.
Non-banks
Non-bank commitments for owner occupied housing (seasonally adjusted) increased by 2.7% in February 2005, following a decrease of 1.7% in January. Permanent building societies were up 8.5% and wholesale lenders were up 2.1%. The non-bank trend series increased by 0.5% in February 2005, the eighth consecutive monthly increase.
HOUSING LOAN OUTSTANDINGS
At the end of February 2005, housing loans outstanding of authorised deposit-taking institutions was $500,436m, down $2,908m (-0.6%) from January's closing balance, following significant sales to securitisation vehicles during the month. Owner occupied housing loans decreased by $2,393m (-0.7%) to close at $332,993m, while investment housing loans outstanding decreased by $515m (-0.3%) to reach a closing balance of $167,443m.
Bank loans decreased by $3,050m (-0.6%) during February to a closing stock of $470,769m. Owner occupied housing loans of banks decreased by $2,493m (-0.8%) to $309,241m, while investment housing loans decreased $557m (-0.3%) to $161,528m.
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