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OCTOBER KEY FIGURES

	Trend estimates		Seasonally adjusted estimates
	Oct 2005	Sep 2005 to Oct 2005	Oct 2005	Sep 2005 to Oct 2005
Value of dwelling commitments(a)	$m	% change	$m	% change
Total dwellings	17 911	1.2	18 332	2.5
Owner occupied housing	12 485	1.6	12 686	1.8
Investment housing - fixed loans(b)	5 427	0.5	5 646	4.0
Number of dwelling commitments(a)	no.	% change	no.	% change
Owner occupied housing	57 431	1.2	58 378	1.1
Construction of dwellings	4 255	-0.8	4 247	-1.5
Purchase of new dwellings	2 452	2.6	2 606	9.4
Purchase of established dwellings	50 724	1.3	51 525	0.9
(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 2005 compared with September 2005:

• Total value of dwelling finance commitments excluding alterations and additions increased by 1.2%, the fourth consecutive monthly increase. The value of owner occupied housing commitments increased by 1.6%, while the value of investment housing commitments rose by 0.5%.
• The number of commitments for owner occupied housing finance increased by 1.2%, while the number excluding refinancing rose by 1.4%.

• Total value of dwelling finance commitments excluding alterations and additions rose by 2.5%. This increase was due to increases in the value of investment housing commitments (up 4.0%) and owner occupied housing commitments (up 1.8%).
• The number of commitments for owner occupied housing finance increased by 1.1%, while the number excluding refinancing rose by 3.0%.

• The number of first home buyer commitments as a percentage of total owner occupied housing finance commitments rose to 18.0% in October 2005. The percentage of the number of commitments for owner-occupied housing at a fixed rate of interest (for at least two years) increased from 8.7% in September to 12.9% in October, following six consecutive monthly decreases.

The annual seasonal reanalysis has been undertaken on data up to September 2005. This has resulted in revisions to the seasonally adjusted and trend estimates for some series. Each year a seasonal reanalysis is performed on all time series to re-estimate and assess the appropriateness of any prior corrections which have previously been applied.

Revisions

As foreshadowed in the July 2005 issue, ABS has been undertaking quality assurance activity on housing loan outstandings associated with securitisation programs. Estimates for housing loan outstandings associated with securitisation programs in table 12 of this issue have been revised from March 2002 to June 2005. These revisions are in respect of loan outstandings only, and have not resulted in revisions to loan commitments data tabulated elsewhere in this publication.

In the last issue, data quality assurance procedures identified misreporting in the state breakdown of owner occupied housing commitments for September. The ABS estimated the state breakdown of the number and value of refinancing commitments for owner occupied housing. These estimates have been replaced with corrected reported values.

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 2.5% in October 2005. The trend series for total value of dwelling finance commitments increased by 1.2% in October, the fourth consecutive monthly increase.

The total value of owner occupied housing commitments (seasonally adjusted) increased by 1.8% (up $228m) in October 2005, following an increase of 3.7% in September. The increases in purchase of established dwellings excluding refinancing (up $220m, 3.0%) and purchase of new dwellings (up $45m, 7.6%) more than offset decreases in construction of dwellings (down $27m, -2.8%) and refinancing of established dwellings (down $9m, -0.3%). The trend series in the value of owner occupied commitments increased by 1.6% in October, continuing a run of increases since April 2004.

The total value of investment housing commitments (seasonally adjusted) rose by 4.0% (up $219m) in October 2005, following a revised increase of 4.6% in September. The increase this month was due to increases in purchase of dwellings for rent or resale by individuals (up $279m, 6.4%) and purchase of dwellings for rent or resale by others (up $15m, 3.4%) more than offsetting the decrease in construction of dwellings for rent or resale (down $75m, -12.4%). The trend series in total value of investment housing commitments increased by 0.5% in October, following a revised trend growth (up 0.2%) in September, reflecting the strength in the seasonally adjusted series over the last two months.

INVESTMENT HOUSING - TOTAL

Increases in the number of owner occupied housing commitments were recorded in seasonally adjusted terms in Western Australia (up 188, 2.3%), Victoria (up 180, 1.4%) and Australian Capital Territory (up 8, 1.2%). Decreases were recorded in South Australia (down 245, -4.9%), Queensland (down 232, -1.8%), New South Wales (down 27, -0.2%), Tasmania (down 26, -2.4%) and Northern Territory (down 18, -2.4%). The trend increased in all states and territories except Victoria and Tasmania.

In original terms, the number of first home buyer commitments as a percentage of total owner occupied housing finance commitments rose to 18.0% in October 2005. The percentage of the number of commitments for owner-occupied housing at a fixed rate of interest (for at least two years) increased from 8.7% in September to 12.9% in October.

Bank loans increased by $6,934m (1.4%) during October to a closing stock of $519,114m. Owner occupied housing loans of banks increased by $4,853m (1.4%) to $342,393m, while investment housing loans increased $2,081m (1.2%) to $176,721m.