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5609.0 - Housing Finance, Australia, Nov 2007  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 16/01/2008   
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NOVEMBER KEY FIGURES


Trend estimates
Seasonally adjusted estimates


Nov 2007
Oct 2007
to Nov 2007
Nov 2007
Oct 2007
to Nov 2007

Value of dwelling commitments(a)
$m
% change
$m
% change
Total dwellings
22 108
-0.3
22 295
0.5
Owner occupied housing
15 363
0.3
15 556
2.0
Investment housing - fixed loans(b)
6 744
-1.8
6 739
-2.8
Number of dwelling commitments(a)
no.
% change
no.
% change
Owner occupied housing
64 201
0.2
65 831
4.0
Construction of dwellings
4 801
0.9
4 808
-
Purchase of new dwellings
2 662
-3.5
2 503
-7.3
Purchase of established dwellings
56 738
0.3
58 520
4.9

- 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



NOVEMBER KEY POINTS


VALUE OF DWELLING COMMITMENTS

NOVEMBER 2007 COMPARED WITH OCTOBER 2007:

  • In trend terms, total value of dwelling finance commitments excluding alterations and additions decreased by 0.3%. Owner occupied housing commitments increased by 0.3% while investment housing commitments continue to fall, decreasing 1.8%.
  • In seasonally adjusted terms, total value of dwelling finance commitments excluding alterations and additions increased 0.5%. Owner occupied housing commitments increased 2.0%, while investment housing commitments decreased 2.8%.


NUMBER OF DWELLING COMMITMENTS

NOVEMBER 2007 COMPARED WITH OCTOBER 2007:
  • In trend terms, the number of commitments for refinancing of established dwellings rose 0.7% while the seasonally adjusted series increased 10.6%.
  • In seasonally adjusted terms, the number of commitments for owner occupied housing finance increased by 4.0% and the number excluding refinancing rose by 1.5%.
  • In original terms, the number of first home buyer commitments as a percentage of total owner occupied housing finance commitments decreased from 18.7% in October 2007 to 18.3% in November 2007.
  • In original terms, the number of fixed rate loan commitments as a percentage of total owner occupied housing finance commitments increased from 21.0% in October 2007 to 24.0% in November 2007.


NOTES

FORTHCOMING ISSUES

ISSUE Release Date
December 2007 11 February 2008
January 2008 11 March 2008
February 2008 14 April 2008
March 2008 12 May 2008
April 2008 10 June 2008
May 2008 9 July 2008



CHANGES IN THIS ISSUE

The format of the Key Points on page 1 has changed to facilitate better interpretation and analysis of the data.


As foreshadowed in the October 2007 release, data in this publication has undergone the annual seasonal reanalysis review, resulting in improvements in the quality of some series.


Recently, the ABS implemented improved methods of producing seasonally adjusted estimates, focused on the application of autoregressive integrated moving average (ARIMA) modelling techniques. The revision properties of the seasonally adjusted and trend estimates can be improved by the use of ARIMA modelling. ARIMA modelling relies on the characteristics of the series being analysed to project future period data. The projected values are temporary, intermediate values, that are only used internally to improve the estimation of the seasonal factors. The projected data do not affect the original estimates and are discarded at the end of the seasonal adjustment process.



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.


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