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5609.0 - Housing Finance, Australia, Dec 2005  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 10/02/2006   
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DECEMBER KEY FIGURES

Trend estimates
Seasonally adjusted estimates
Dec 2005
Nov 2005 to Dec 2005
Dec 2005
Nov 2005 to Dec 2005

Value of dwelling commitments(a)
$m
% change
$m
% change
Total dwellings
18 718
1.3
18 867
2.8
Owner occupied housing
12 984
1.3
12 980
1.1
Investment housing - fixed loans(b)
5 734
1.4
5 887
6.8
Number of dwelling commitments(a)
no.
% change
no.
% change
Owner occupied housing
59 271
1.0
59 100
0.9
Construction of dwellings
4 348
0.4
4 423
2.1
Purchase of new dwellings
2 607
2.3
2 593
2.3
Purchase of established dwellings
52 316
1.0
52 084
0.7

(a) Includes refinancing.
(b) Excludes revolving credit.

Value of dwelling commitments, Total dwellings
Graph: Value of dwelling commitments, Total dwellings

Number of dwelling commitments, Owner occupied housing
Graph: Number of dwelling commitments, Owner occupied housing



DECEMBER KEY POINTS


TREND ESTIMATES

DECEMBER 2005 COMPARED WITH NOVEMBER 2005:

  • Total value of dwelling finance commitments excluding alterations and additions increased by 1.3%, the sixth consecutive monthly increase. The value of owner occupied housing commitments increased by 1.3%, while the value of investment housing commitments rose by 1.4%.
  • The number of commitments for owner occupied housing finance increased by 1.0%, while the number excluding refinancing rose by 1.3%.


SEASONALLY ADJUSTED ESTIMATES

DECEMBER 2005 COMPARED WITH NOVEMBER 2005:
  • Total value of dwelling finance commitments excluding alterations and additions rose by 2.8%. Investment housing commitments increased by 6.8%, driven primarily by a large increase in construction of dwellings for rent or resale (up $200m, 40.8%), while owner occupied housing commitments increased by 1.1%.
  • The number of commitments for owner occupied housing finance increased by 0.9%, while the number excluding refinancing rose by 1.4%.


ORIGINAL ESTIMATES
  • The number of first home buyer commitments as a percentage of total owner occupied housing finance commitments rose slightly to 18.7% in December 2005.


NOTES

FORTHCOMING ISSUES

ISSUE Release Date
January 2006 10 March 2006
February 2006 7 April 2006
March 2006 12 May 2006
April 2006 6 June 2006
May 2006 11 July 2006
June 2006 9 August 2006



CHANGES IN THIS ISSUE

There are no major 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) rose by 2.8% in December 2005 compared with November 2005. The trend series for total value of dwelling finance commitments increased by 1.3% in December, the sixth consecutive monthly increase.


The total value of owner occupied housing commitments (seasonally adjusted) increased by 1.1% (up $138m) in December 2005 compared with November 2005, following an increase of 0.9% in November. The increase this month was due to increases in purchase of established dwellings excluding refinancing (up $101m, 1.3%), construction of dwellings (up $26m, 2.7%), refinancing of established dwellings (up $6m, 0.2%) and in purchase of new dwellings (up $5m, 0.8%). The trend series in the value of owner occupied commitments increased by 1.3% in December, continuing a run of increases since April 2004.


The total value of investment housing commitments (seasonally adjusted) rose by 6.8% (up $376m) in December 2005 compared with November 2005, following a decrease of 5.4% in November. The increase this month was due to increases in construction of dwellings for rent or resale (up $200m, 40.8%), purchase of dwellings for rent or resale by individuals (up $107m, 2.3%) and purchase of dwellings for rent or resale by others (up $69m, 20.6%). The trend series in total value of investment housing commitments increased by 1.4% in December, the fifth consecutive increase.

INVESTMENT HOUSING - TOTAL
Graph: INVESTMENT HOUSING - TOTAL



Number of Owner Occupied Dwellings Financed

The number of owner occupied housing commitments (seasonally adjusted) increased by 0.9% (up 525) in December 2005 compared with November 2005, following a decrease of 0.1% in November. The increases in purchase of established dwellings excluding refinancing (up 430, 1.3%), construction of dwellings (up 90, 2.1%) and purchase of new dwellings (up 58, 2.3%) more than offset a decrease in refinancing of established dwellings (down 53, -0.3%). The number of owner occupied housing commitments (trend) rose by 1.0% in December 2005.

Graph: Number of Owner Occupied Dwellings Financed


Increases in the number of owner occupied housing commitments (seasonally adjusted) in December 2005 compared with November 2005 were recorded in Victoria (up 476, 3.6%), New South Wales (up 295, 1.7%) and Western Australia (up 292, 3.5%). Decreases were recorded in Queensland (down 445, -3.4%), South Australia (down 110, -2.3%), Northern Territory (down 37, -5.1%), Tasmania (down 31, -2.9%) and Australian Capital Territory (down 24, -3.7%). The trend increased in all states and territories except South Australia.


In original terms, the number of first home buyer commitments as a percentage of total owner occupied housing finance commitments rose slightly to 18.7% in December 2005. The percentage of the number of commitments for owner-occupied housing at a fixed rate of interest (for at least two years) fell slightly from 14.7% in November to 14.1% in December.


Number of Owner Occupied Dwellings Financed Excluding Refinancing

The number of owner occupied housing commitments excluding refinancing (seasonally adjusted) increased by 1.4% in December 2005 compared with November 2005, following a decrease of 0.2% in November. The trend increased by 1.3% in December 2005

Graph: Number of Owner Occupied Dwellings Financed Excluding Refinancing



PURPOSE OF FINANCE (OWNER OCCUPATION)

Construction of dwellings

The number of construction commitments for owner occupation (seasonally adjusted) rose by 2.1% in December 2005 compared with November 2005, following an increase of 1.4% in November. The trend series increased by 0.4% in December 2005.

Graph: Construction of Dwellings


Purchase of new dwellings

The number of finance commitments for the purchase of new dwellings for owner occupation (seasonally adjusted) rose by 2.3% in December 2005 compared with November 2005, following a fall of 2.5% in November. The trend series rose by 2.3% in December 2005.

Graph: Purchase of New Dwellings


Purchase of established dwellings

The number of established dwelling for owner occupation (seasonally adjusted) increased by 0.7% in December 2005 compared with November 2005, following a fall of 0.1% in November. The trend rose by 1.0% in December 2005.

Graph: Purchase of Established Dwellings


Refinancing

The number of refinancing commitments for owner occupied housing (seasonally adjusted) fell by 0.3% in December 2005 compared with November 2005, following a rise of 0.1% in November. The trend series rose by 0.3% in December 2005.

Graph: Refinancing



TYPE OF LENDER (OWNER OCCUPATION)

Banks

The number of owner occupied dwellings financed by banks (seasonally adjusted) increased by 1.3% in December 2005 compared with November 2005, following an increase of 0.2% in November 2005. The trend series rose by 1.4% in December 2005.

Graph: Banks


Non-banks

The number of owner occupied dwellings financed by non-banks (seasonally adjusted) decreased by 0.7% in December 2005 compared with November 2005, following a decrease of 1.2% in November. The non-bank trend series fell by 0.3% in December 2005.

Graph: Non-Banks



HOUSING LOAN OUTSTANDINGS

At the end of December 2005, housing loans outstanding of authorised deposit-taking institutions was $564,124m, up $6,445m (1.2%) from November's closing balance. Owner occupied housing loans increased by $4,921m (1.3%) to close at $377,697m, while investment housing loans outstanding increased by $1,524m (0.8%) to reach a closing balance of $186,427m.


Bank loans increased by $6,111m (1.2%) during December to a closing stock of $531,848m. Owner occupied housing loans of banks increased by $4,655m (1.3%) to $351,899m, while investment housing loans increased $1,456m (0.8%) to $179,949m.


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