OCTOBER KEY FIGURES
 | Trend estimates | Seasonally adjusted estimates | |
| Oct 2007 | Sep 2007 to Oct 2007 | Oct 2007 | Sep 2007 to Oct 2007 | |
| |
| Value of dwelling commitments(a) | $m | % change | $m | % change | |
| Total dwellings | 22 079 | -1.0 | 22 097 | 1.7 | |
| Owner occupied housing | 15 136 | -0.7 | 15 157 | 1.1 | |
| Investment housing - fixed loans(b) | 6 943 | -1.4 | 6 940 | 2.9 | |
| Number of dwelling commitments(a) | no. | % change | no. | % change | |
| Owner occupied housing | 62 713 | -0.9 | 62 509 | -0.7 | |
| Construction of dwellings | 4 758 | 1.1 | 4 838 | 2.6 | |
| Purchase of new dwellings | 2 883 | -2.1 | 2 677 | -9.4 | |
| Purchase of established dwellings | 55 072 | -1.1 | 54 994 | -0.6 | |
| |
| (a) Includes refinancing. |
| (b) Excludes revolving credit. |
Value of dwelling commitments,
Total dwellings
| Number of dwelling commitments,
Owner occupied housing
|
OCTOBER KEY POINTS
TREND ESTIMATES
October 2007 COMPARED WITH September 2007:
- Total value of dwelling finance commitments excluding alterations and additions decreased by 1.0%. The value of owner occupied housing commitments decreased by 0.7% and the value of investment housing commitments decreased by 1.4%.
- The number of commitments for owner occupied housing finance decreased by 0.9% and the number excluding refinancing decreased by 0.7%.
SEASONALLY ADJUSTED ESTIMATES
October 2007 COMPARED WITH September 2007:
- Total value of dwelling finance commitments excluding alterations and additions increased 1.7%. Owner occupied housing commitments increased 1.1% and investment housing commitments increased 2.9%.
- The number of commitments for owner occupied housing finance decreased by 0.7%, while the number excluding refinancing increased by 0.5%.
- The number of commitments for owner occupied dwellings financed by wholesale lenders n.e.c. decreased by 20.3%.
ORIGINAL ESTIMATES
- The number of first home buyer commitments as a percentage of total owner occupied housing finance commitments increased from 17.7% in September 2007 to 18.7% in October 2007.
NOTES
FORTHCOMING ISSUES
| ISSUE | Release Date |
| November 2007 | 16 January 2008 |
| December 2007 | 11 February 2008 |
| January 2008 | 11 March 2008 |
| February 2008 | 14 April 2008 |
| March 2008 | 12 May 2008 |
| April 2008 | 10 June 2008 |
CHANGES TO FORTHCOMING ISSUES
The November 2007 issue of
Housing Finance, Australia (cat. no. 5609.0) will contain revisions to estimates due to the 2007 annual seasonal reanalysis.
Recently, the ABS implemented improved methods of producing seasonally adjusted estimates, focused on the application of autoregressive integrated moving average (ARIMA) modelling techniques. The revision properties of the seasonally adjusted and trend estimates can be improved by the use of ARIMA modelling. ARIMA modelling relies on the characteristics of the series being analysed to project future period data. The projected values are temporary, intermediate values, that are only used internally to improve the estimation of the seasonal factors. The projected data do not affect the original estimates and are discarded at the end of the seasonal adjustment process.
The seasonal adjustment Housing Finance estimates will use, from the 2007 annual seasonal reanalysis, concurrent seasonal adjustment with ARIMA modelling where applicable to reduce the level of revision to seasonally adjust estimates. For more information on the details of ARIMA modelling see Feature article: Use of ARIMA modelling to reduce revisions, October 2004 issue of
Australian Economic Indicators (cat. no. 1350.0).
REVISIONS
Revisions were made to include the latest available administrative and survey data.
INQUIRIES
For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070 or Michael Abbondante on Canberra (02) 6252 6707.
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