AUGUST KEY FIGURES
 | Trend estimates | Seasonally adjusted estimates | |
| Aug 2005 | Jul 2005 to Aug 2005 | Aug 2005 | Jul 2005 to Aug 2005 | |
| |
| Value of dwelling commitments(a) | $m | % change | $m | % change | |
| Total dwellings | 16 945 | -0.6 | 16 911 | -1.0 | |
| Owner occupied housing | 11 744 | - | 11 834 | 0.5 | |
| Investment housing - fixed loans(b) | 5 201 | -2.0 | 5 077 | -4.3 | |
| Number of dwelling commitments(a) | no. | % change | no. | % change | |
| Owner occupied housing | 54 567 | -0.4 | 54 709 | -0.2 | |
| Construction of dwellings | 4 343 | -1.1 | 4 321 | 0.7 | |
| Purchase of new dwellings | 2 241 | 0.2 | 2 275 | 5.1 | |
| Purchase of established dwellings | 47 983 | -0.4 | 48 113 | -0.5 | |
| |
| - nil or rounded to zero (including null cells) |
| (a) Includes refinancing. |
| (b) Excludes revolving credit. |
Value of dwellings commitments, Total dwellings
| Number of dwelling commitments, Owner occupied housing
|
AUGUST KEY POINTS
TREND ESTIMATES
- Total value of dwelling finance commitments excluding alterations and additions decreased by 0.6% in August 2005, the fifth consecutive monthly decrease. Owner occupied housing remained virtually unchanged, while investment housing fell by 2.0%.
- The number of commitments for owner occupation decreased by 0.4% in August 2005, while the number excluding refinancing fell by 0.5%.
SEASONALLY ADJUSTED ESTIMATES
- Total value of dwelling finance commitments excluding alterations and additions fell by 1.0% in August 2005. This decrease was due to the decrease in investment housing commitments (down 4.3%) more than offsetting the slight rise in owner occupied housing commitments (up 0.5%).
- The number of commitments for owner occupation decreased by 0.2% in August 2005, while the number excluding refinancing rose by 0.5%.
ORIGINAL ESTIMATES
- First home buyer commitments as a percentage of total commitments rose to 17.3% in August 2005. The percentage of commitments at a fixed rate of interest (for at least two years) decreased for the fifth successive month, from 9.5% in July to 9.1% in August.
NOTES
REVISIONS IN THIS ISSUE
As foreshadowed in the June 2005 issue, ABS has been undertaking quality assurance activity on housing loan outstandings associated with securitisation programs. Estimates for housing loan outstandings in table 12 of this issue have been revised to account for omission of mortgages associated with securitisation programs from March 2002 to December 2004, and for mortgages held by "other lenders" (ie not associated with securitisers) for March and June quarters 2005.
These revisions are in respect of loan outstandings only, and there have been no significant revisions to loan commitments data tabulated elsewhere in this publication.
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) decreased by 1.0% in August 2005. The total dwelling finance trend decreased by 0.6%, the fifth consecutive monthly decrease.
The total value of owner occupied commitments (seasonally adjusted) increased by 0.5% (up $56m) in August 2005, following an increase of 1.0% in July. Increases in purchase of established dwellings excluding refinancing (up $72m, 1.0%), construction of dwellings (up $16m, 1.7%) and purchase of new dwellings (up $10m, 1.9%) more than offset the decrease in refinancing of established dwellings (down $42m, -1.2%). The trend series in the value of owner occupied commitments remained virtually unchanged in August, following a run of increases starting in April 2004.
The seasonally adjusted series for value of investment housing commitments (including finance for construction and finance for rent or resale) fell by 4.3% (down $227m) in August 2005, following a decrease of 4.5% in July. The decrease this month was due to decreases in purchase of dwellings for rent or resale by others (down $116m, -23.2%) and purchase of dwellings for rent or resale by individuals (down $112m, -2.6%), while construction of dwellings for rent or resale increased slightly (up $1m, 0.2%). The trend series in total value of investment commitments fell by 2.0%, the sixth consecutive monthly decrease.
INVESTMENT HOUSING - TOTAL
Number of Owner Occupied Dwellings Financed
The number of owner occupied dwelling commitments (seasonally adjusted) decreased by 0.2% (down 103) in August 2005, the fourth decrease in the past five months. A decrease in refinancing of established dwellings (down 286, -1.7%) more than offset increases in purchase of new dwellings (up 111, 5.1%), established dwellings excluding refinancing (up 41, 0.1%) and construction of dwellings (up 31, 0.7%). The total owner occupied housing finance trend fell by 0.4% in August 2005, the fourth consecutive month of slight decreases following a run of increases starting in July 2004.
Decreases were recorded in seasonally adjusted terms in Victoria (down 275, -2.2%), New South Wales (down 182, -1.1%) and Tasmania (down 55, -5.1%). These decreases were offset by increases in Western Australia (up 338, 4.2%), South Australia (up 157, 3.6%), Northern Territory (up 44, 7.3%), Australian Capital Territory (up 21, 3.5%) and Queensland (up 4). The trend decreased in all states and territories except Western Australia, Northern Territory and Australian Capital Territory.
In original terms, first home buyer commitments as a percentage of total commitments rose to 17.3% in August 2005. The percentage of commitments at a fixed rate of interest (for at least two years) decreased from 9.5% in July to 9.1% in August.
Number of Owner Occupied Dwellings Financed Excluding Refinancing
The number of owner occupied dwellings financed excluding refinancing (seasonally adjusted) increased by 0.5% in August 2005, following an decrease of 0.2% in July. The trend decreased by 0.5% in August 2005, the fifth consecutive monthly decrease.
PURPOSE OF FINANCE (OWNER OCCUPATION)
Construction of dwellings
The seasonally adjusted number of construction commitments for owner occupation rose by 0.7% in August 2005, following a decrease of 3.5% in July. The trend series decreased by 1.1% in August 2005, the fourth consecutive monthly decrease.
Purchase of new dwellings
The number of finance commitments for the purchase of new dwellings for owner occupation (seasonally adjusted) rose by 5.1% in August 2005, following a fall of 1.9% in July. The trend series rose by 0.2% in August 2005.
Purchase of established dwellings
The seasonally adjusted established dwelling for owner occupation series decreased by 0.5% in August 2005, the fourth decrease in the past five months. The trend fell by 0.4% in August 2005, the fourth slight decrease following a run of increases starting in July 2004.
Refinancing
The number of refinancing commitments for owner occupied housing (seasonally adjusted) fell by 1.7% in August 2005, following a rise of 3.6% in July. Trend series fell by 0.2% in August 2005, the first decrease following nine consecutive monthly increases.
TYPE OF LENDER (OWNER OCCUPATION)
Banks
The number of owner occupied dwellings financed by banks (seasonally adjusted) increased by 0.2% in August 2005, following an increase of 1.4% in July 2005. The trend series fell by 0.4% in August, the fourth consecutive monthly decrease.
Non-banks
Non-bank commitments for owner occupied housing (seasonally adjusted) decreased by 1.4% in August 2005, following a decrease of 0.3% in July. Wholesale lenders were down 1.7% while permanent building societies remained virtually unchanged. The non-bank trend series decreased by 0.3% in August 2005, the fifth consecutive monthly decrease.
HOUSING LOAN OUTSTANDINGS
At the end of August 2005, housing loans outstanding of authorised deposit-taking institutions was $532,949m, up $6,221m (1.2%) from July's closing balance. Owner occupied housing loans increased by $4,470m (1.3%) to close at $355,989m, while investment housing loans outstanding increased by $1,751m (1.0%) to reach a closing balance of $176,960m.
Bank loans increased by $5,911m (1.2%) during August to a closing stock of $501,657m. Owner occupied housing loans of banks increased by $4,241m (1.3%) to $330,894m, while investment housing loans increased $1,670m (1.0%) to $170,763m.
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