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5609.0 - Housing Finance, Australia, Jan 2007  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 12/03/2007   
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JANUARY KEY FIGURES

Trend estimates
Seasonally adjusted estimates
Jan 2007
Dec 2006 to Jan 2007
Jan 2007
Dec 2006 to Jan 2007

Value of dwelling commitments(a)
$m
% change
$m
% change
Total dwellings
19 717
0.8
20 179
2.3
Owner occupied housing
13 933
0.4
14 108
1.4
Investment housing - fixed loans(b)
5 784
1.7
6 070
4.6
Number of dwelling commitments(a)
no.
% change
no.
% change
Owner occupied housing
61 608
-0.1
61 969
0.3
Construction of dwellings
4 580
0.2
4 614
1.0
Purchase of new dwellings
2 642
-0.7
2 710
4.6
Purchase of established dwellings
54 386
-0.1
54 645
-

- nil or rounded to zero (including null cells)
(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



JANUARY KEY POINTS


TREND ESTIMATES

January 2007 COMPARED WITH December 2006:

  • Total value of dwelling finance commitments excluding alterations and additions increased by 0.8%. The value of owner occupied housing commitments increased by 0.4%, while the value of investment housing commitments increased by 1.7%.
  • The number of commitments for owner occupied housing finance fell by 0.1%, while the number excluding refinancing remained virtually unchanged.


SEASONALLY ADJUSTED ESTIMATES

January 2007 COMPARED WITH December 2006:
  • Total value of dwelling finance commitments excluding alterations and additions increased 2.3%. Owner occupied housing commitments increased 1.4%, while investment housing commitments rose 4.6%. The number of commitments for owner occupied housing finance increased by 0.3%, while the number excluding refinancing increased by 0.5%.


ORIGINAL ESTIMATES
  • The number of first home buyer commitments as a percentage of total owner occupied housing finance commitments increased from 17.6% in December 2006 to 17.7% in January 2007. The number of fixed rate loan commitments as a percentage of total owner occupied housing finance commitments decreased from 20.7% in December 2006 to 20.5% in January 2007.


NOTES

FORTHCOMING ISSUES

ISSUE Release Date
February 2007 11 April 2007
March 2007 14 May 2007
April 2007 8 June 2007
May 2007 10 July 2007
June 2007 8 August 2007
July 2007 7 September 2007



REVISIONS

Minor revisions were made to December 2006 to incorporate the latest available administrative and survey data.



CHANGES IN FORTHCOMING ISSUES

The format of the datacube table 12 for this publication is to be changed to align with the current standard of excel spreadsheets (i.e. in .xls format). The new format will be available as table 12a with both tables 12 and 12a released for the January and February 2007 issues of 5609.0. Table 12 will be withdrawn from the March 2007 issue. Table 12a will then be renumbered to Table 12.



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.



SUMMARY COMMENTARY


DWELLINGS FINANCED

Value of Dwellings Financed

The total value of dwelling commitments excluding alterations and additions (seasonally adjusted) increased 2.3% in January 2007 compared with December 2006. The trend series for total value of dwelling finance commitments increased by 0.8% in January 2007.


The total value of owner occupied housing commitments (seasonally adjusted) rose by 1.4% (up $188m) in January 2007, following a revised 1.2% rise in December 2006. An increase was recorded for purchase of other established dwellings excluding refinancing (up $95m, 1.2%), purchase of new dwellings (up $62m, 9.6%), construction of dwellings (up $22m, 2.1%) and refinancing of established dwellings (up $9m, 0.2%). The trend series in the value of owner occupied commitments increased by 0.4% in January 2007.


The total value of investment housing commitments (seasonally adjusted) increased by 4.6% (up $269m) in January 2007 compared with December 2006, following an increase of 4.1% in December 2006. The increase in January 2007 was due to a rise in purchase of dwellings by individuals for rent or resale (up $357m, 7.8%) and purchase of dwellings for rent or resale by others (up $100m, 16.9%), which more than offset a decrease in construction of dwellings for rent or resale (down $188m, -28.7%). The trend series in total value of investment housing commitments increased by 1.7% in January 2007.

INVESTMENT HOUSING - TOTAL
Graph: Investment Housing - Total



Number of Owner Occupied Dwellings Financed

The number of owner occupied housing commitments (seasonally adjusted) increased by 0.3% (up 160) in January 2007 compared with December 2006, following a revised increase of 0.3% in December 2006. Increases were recorded in purchase of new dwellings (up 119, 4.6%), purchase of established dwellings excluding refinancing (up 56, 0.2%) and construction of dwellings (up 44, 1.0%), which more than offset a decrease in refinancing of established dwellings (down 59, -0.3%). The number of owner occupied housing commitments (trend) fell 0.1% in January 2007.


The number of owner occupied housing commitments (seasonally adjusted) increased in January 2007 compared with December 2006 in New South Wales (up 434, 2.5%), Victoria (up 162, 1.2%) and South Australia (up 69, 1.4%). Decreases were recorded in Western Australia (down 263, -3.1%), Queensland (down 57, -0.4%), the Northern Territory (down 20, -3.9%), the Australian Capital Territory (down 19, -2.5%) and Tasmania (down 12, -1.0%).


The trend estimates decreased in all states and territories, except for Queensland which increased by 0.8%, New South Wales which increased marginally and Victoria which was unchanged.


In original terms, the number of first home buyer commitments as a percentage of total owner occupied housing finance commitments increased from a revised 17.6% in December 2006 to 17.7% in January 2007. The number of fixed rate loan commitments as a percentage of total owner occupied housing finance commitments fell from 20.7% in December 2006 to 20.5% in January 2007. The average loan size for owner occupied housing commitments fell from $226,600 in December 2006 to $223,700 in January 2007.

Number of Owner Occupied Dwellings Financed
Graph: Number of Owner Occupied Dwellings Financed



Number of Owner Occupied Dwellings Financed Excluding Refinancing

The number of owner occupied housing commitments excluding refinancing (seasonally adjusted) increased by 0.5% in January 2007 compared with December 2006, following a revised increase of 0.6% in December 2006. The trend remained virtually unchanged in January 2007.

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 1.0% in January 2007, following a 0.2% increase for December 2006. The trend series increased by 0.2% in January 2007.

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 4.6% in January 2007, following a revised decrease of 3.8% in December 2006. The trend series fell by 0.7% in January 2007, the seventh consecutive monthly decrease, albeit at a diminishing rate for the fourth month in a row.

Graph: Purchase of new dwellings


Purchase of established dwellings (including refinancing)

The number of finance commitments for the purchase of established dwellings for owner occupation (seasonally adjusted) remained virtually unchanged in January 2007, following a revised increase of 0.6% in December 2006. The trend series fell by 0.1% in January 2007, the sixth consecutive monthly decrease, albeit at a diminishing rate for the fourth month in a row.

Graph: Purchase of established dwellings including refinancing


Refinancing

The number of refinancing commitments for owner occupied housing (seasonally adjusted) fell by 0.3% in January 2007 compared with December 2006, following a revised decrease of 0.2% in December 2006. The trend series fell by 0.4% in January 2007, the fourth consecutive monthly decrease.

Graph: Refinancing



TYPE OF LENDER (OWNER OCCUPATION)

Banks

The number of owner occupied dwellings financed by banks (seasonally adjusted) increased by 0.3% in January 2007 compared with December 2006, after a revised 1.3% increase in December 2006. The trend series rose by 0.2% in January 2007.

Graph: Banks


Non-banks

The number of owner occupied dwellings financed by non-banks (seasonally adjusted) rose by 0.1% in January 2007 compared with December 2006, after a revised decrease of 3.1% in December 2006. The non-bank trend series decreased by 1.1% in January 2007, the seventh consecutive monthly decrease.

Graph: Non-banks



HOUSING LOAN OUTSTANDINGS

At the end of January 2007, the value of outstanding housing loans financed by authorised deposit-taking institutions was $631,125m, up $6,250m (1.0%) from December's closing balance. Owner occupied housing loans increased by $4,472m (1.1%) to close at $427,466m, while investment housing loans increased by $1,778m (0.9%) to reach a closing balance of $203,659m.


Bank loans increased by $5,913m (1.0%) during January to a closing stock of $594,759m. Owner occupied housing loans of banks increased by $4,251m (1.1%) to $397,921m, while investment housing loans increased $1,662m (0.9%) to $196,838m.


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