AUGUST KEY FIGURES
 | Trend estimates
| Seasonally adjusted estimates
| |
| Aug 2004 | Jul 2004 to Aug 2004 | Aug 2004 | Jul 2004 to Aug 2004 | |
| |
| Value of dwelling commitments(a) | $m | % change | $m | % change | |
| Total dwellings | 15,411 | -0.2 | 15,458 | -0.7 | |
| Owner occupied housing | 10,143 | 0.6 | 10,187 | 0.1 | |
| Investment housing - fixed loans(b) | 5,268 | -1.8 | 5,271 | -2.3 | |
| Number of dwelling commitments(a) | no. | % change | no. | % change | |
| Owner occupied housing | 49,103 | 0.1 | 49,569 | 0.4 | |
| Construction of dwellings | 4,661 | -1.5 | 4,727 | 2.4 | |
| Purchase of new dwellings | 1,884 | 0.7 | 1,945 | 3.2 | |
| Purchase of established dwellings | 42,558 | 0.2 | 42,897 | 0.1 | |
| |
| (a) Includes refinancing. |
| (b) Excludes revolving credit. |
Housing finance, Value of dwellings
| Housing finance, Number of dwellings
|
AUGUST KEY POINTS
TREND ESTIMATES
- Total value of dwelling finance commitments decreased slightly by 0.2% in August 2004, after decreases in the nine of the past ten months. Owner occupied housing rose by 0.6%, the fifth consecutive month of small increases. Investment housing decreased in August 2004 (down 1.8%) for the tenth consecutive month.
- The number of housing finance commitments for owner occupation increased by 0.1% in August 2004, while the number excluding refinancing remained virtually unchanged.
SEASONALLY ADJUSTED ESTIMATES
- Total value of housing finance commitments fell by 0.7% in August 2004, following a rise of 3.5% in July. This fall was due to the decrease in investment housing commitments (down 2.3%) more than offsetting the slight increase in owner occupied housing commitments (up 0.1%).
- The number of housing finance commitments for owner occupied housing increased by 0.4% in August 2004, the second consecutive monthly increase. The number excluding refinancing increased by 1.4%.
ORIGINAL ESTIMATES
- The percentage of first home buyer commitments increased for the fifth consecutive month after the record low in March 2004, increasing to 16.0% in August 2004.
NOTES
CHANGES IN THIS ISSUE
There are no significant 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 Canberra (02) 6252 6731.
SUMMARY COMMENTARY
HOUSING FINANCE SUMMARY OF FINDINGS
DWELLINGS FINANCED
Value of Dwellings Financed
The total value of dwelling commitments excluding alterations and additions (seasonally adjusted) decreased by 0.7% in August 2004, following a rise of 3.5% in July. The total housing finance trend fell by 0.2% in August 2004, after decreases in the nine of the past ten months.
The total value of owner occupied commitments (seasonally adjusted) increased by 0.1% in August 2004, following a 3.4% increase in July. Increases in the purchase of new dwellings (up 2.7%), construction of dwellings (up 1.3%) and were offset partially by a decrease in refinancing of established dwellings (down 0.4%). Finance commitments for the purchase of established dwellings excluding refinancing remained virtually unchanged. The trend series in the value of owner occupied commitments rose by 0.6% in August.
The seasonally adjusted series for value of investment housing commitments (including finance for construction and finance for rent or resale) decreased by 2.3% in August 2004, following an increase of 3.8% in July. The decrease this month was primarily due to a fall in finance for the purchase of dwellings for rent or resale by individuals (down 3.3%). Partially offsetting this fall was an increase in purchase of dwellings for rent or resale by others (up 3.2%). The trend series in total value of investment commitments fell by 1.8%.
INVESTMENT HOUSING - TOTAL
Number of Owner Occupied Dwellings Financed
The number of owner occupied dwelling commitments (seasonally adjusted) increased by 0.4% in August 2004, the second consecutive monthly increase. The increase was due to increases in the purchase of established dwellings excluding refinancing (up 304, 1.1%), construction of dwellings (up 112, 2.4%) and purchase of new dwellings (up 61, 3.2%). Partially offsetting these increases was a fall in refinancing of established dwellings (down 264, -1.8%).
The total owner occupied housing finance trend rose by 0.1% in August 2004, after remaining flat in July and decreasing in the previous nine months.
Increases were recorded in seasonally adjusted terms in Western Australia (up 996, 15.3%), South Australia (up 181, 4.5%), Queensland (up 149, 1.5%) and Northern Territory (up 24, 4.8%). These increases were partially offset by falls in New South Wales (down 521, -3.4%), Victoria (down 89, -0.8%), Tasmania (down 29, -2.9%) and Australian Capital Territory (down 26, -4.6%). The trend decreased in all states and territories except Western Australia, Victoria and North Territory.
In original terms, first home buyer commitments as a percentage of total owner occupied housing commitments rose to 16.0% in August 2004, the fifth consecutive monthly increase since the record low of 12.8% in March 2004.
Number of Owner Occupied Dwellings Financed Excluding Refinancing
The number of owner occupied dwellings financed excluding refinancing (seasonally adjusted) increased by 1.4% in August 2004, after a 2.1% increase in July. The trend was virtually unchanged in August 2004, remaining flat since April 2004 after eight consecutive monthly declines.
PURPOSE OF FINANCE (OWNER OCCUPATION)
Construction of dwellings
The seasonally adjusted number of construction commitments for owner occupation rose by 2.4% in August 2004, after three consecutive months of decreasing commitments. The trend series fell 1.5% in August 2004, the eleventh consecutive month of decreasing trend commitments.
Purchase of new dwellings
The number of finance commitments for the purchase of new dwellings for owner occupation (seasonally adjusted) rose by 3.2% in August 2004, the third consecutive month of increasing commitments. The trend series rose 0.7% in August 2004.
Purchase of established dwellings
The seasonally adjusted established dwelling for owner occupation series increased by 0.1% in August 2004, after a 2.3% increase in July. The trend rose by 0.2% in August 2004, the second monthly increase following nine consecutive months of decreasing commitments.
Refinancing
The number of refinancing commitments for owner occupied housing (seasonally adjusted) fell by 1.8% in August 2004, after a 1.5% increase in July. The trend series increased by 0.3% in August, the first increase following nine consecutive monthly decreases.
NUMBER OF OWNER OCCUPIED DWELLINGS FINANCED BY TYPE OF LENDER
Banks
The number of owner occupied dwellings financed by banks (seasonally adjusted) remained virtually unchanged in August 2004, after an increase of 2.5% in July. The trend series increased by 0.1% in August.
Non-banks
Non-bank commitments for owner occupied housing (seasonally adjusted) increased by 1.8% in August 2004, after remaining static in July 2004 and decreasing in the nine previous months. Wholesale lenders were up 0.3% while permanent building societies were down 1.2%. The non-bank trend series fell by 0.2% in August 2004, continuing its decline since September 2003 but at a decelerating rate for the sixth successive month.
HOUSING LOAN OUTSTANDINGS
At the end of August 2004, housing loans outstanding of authorised deposit-taking institutions was $478,277m, up $5,540m (1.2%) from July's closing balance. Owner occupied housing loans increased by $3,896m (1.2%) to close at $317,341m, while investment housing loans outstanding increased by $1,645m (1.0%) to reach a closing balance of $160,936m.
Bank loans increased by $5,285m (1.2%) during August to a closing stock of $450,190m. Owner occupied housing loans of banks increased by $3,629m (1.2%) to $294,866m, while investment housing loans increased $1,656m (1.1%) to $155,324m.
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