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5609.0 - Housing Finance, Australia, Aug 2007  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 10/10/2007   
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SUMMARY OF FINDINGS


DWELLINGS FINANCED

Value of Dwellings Financed

The total value of dwelling commitments excluding alterations and additions (seasonally adjusted) decreased 0.3% in August 2007 compared with July 2007. The trend series for total value of dwelling finance commitments increased by 0.4% in August 2007.


The total value of owner occupied housing commitments (seasonally adjusted) rose by 1.7% (up $253m) in August 2007, following a 7.7% fall in July 2007. The increase this month was due to a rise in refinancing of established dwellings (up $214m, 6.0%), construction of dwellings (up $37m, 3.4%) and purchase of new dwellings (up $18m, 2.2%), while purchase of established dwellings excluding refinancing fell (down $17m, 0.2%). The trend series in the value of owner occupied commitments increased by 0.2% in August 2007.


The total value of investment housing commitments (seasonally adjusted) decreased by 4.5% (down $321m) in August 2007 compared with July 2007, following a revised decrease of 11.1% in July 2007. The decrease this month was due to a fall in purchase of dwellings by individuals for rent or resale (down $346m, 5.9%) and construction of dwellings for rent or resale (down $8m, 1.4%), while purchase of dwellings by others for rent or resale rose (up $33m, 4.5%). The trend series in total value of investment housing commitments increased by 0.7% in August 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 1.6% (up 1,019) in August 2007 compared with July 2007, following a decrease of 4.3% in July 2007. Increases were recorded in refinancing of established dwellings (up 720, 4.2%), purchase of established dwellings excluding refinancing (up 185, 0.5%) and construction of dwellings (up 121, 2.7%), while purchase of new dwellings fell (down 7, 0.2%). The number of owner occupied housing commitments (trend) decreased 0.4% in August 2007.


The number of owner occupied housing commitments (seasonally adjusted) increased in August 2007 compared with July 2007 in Queensland (up 483, 3.3%), Victoria (up 322, 2.3%), South Australia (up 138, 2.7%), New South Wales (up 57, 0.3%), the Australian Capital Territory (up 20, 2.2%) and the Northern Territory (up 7, 1.4%). Decreases were recorded in Western Australia (down 453, 5.3%) and Tasmania (down 1, 0.1%). The trend estimates increased in the Northern Territory and Tasmania, while all other states and the Australian Capital Territory recorded decreases.


In original terms, the number of first home buyer commitments as a percentage of total owner occupied housing finance commitments decreased from 17.4% in July 2007 to 17.1% in August 2007. The number of fixed rate loan commitments as a percentage of total owner occupied housing finance commitments rose from 14.8% in July 2007 to 17.1% in August 2007. The average loan size for owner occupied housing commitments fell from $239,700 in July 2007 to $239,000 in August 2007.

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 0.6% in August 2007 compared with July 2007, following a decrease of 3.7% in July 2007. The trend fell 0.1% in August 2007.

Graph: Number of owner occupied dwellings financed excluding refinancing



PURPOSE OF FINANCE (OWNER OCCUPATION)

Construction of dwellings

The number of finance commitments for the construction of dwellings for owner occupation (seasonally adjusted) increased by 2.7% in August 2007 compared with July 2007, following a decrease of 3.3% in July 2007. The trend rose 0.3% in August 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) fell by 0.2% in August 2007, following a decrease of 2.3% in July 2007. The trend series rose by 0.8% in August 2007, the ninth consecutive monthly increase, albeit at a diminishing rate for the past 5 months.

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) rose by 1.6% in August 2007, following a decrease of 4.5% in July 2007. The trend series decreased by 0.6% in August 2007.

Graph: Purchase of established dwellings including refinancing



Refinancing

The number of refinancing commitments for owner occupied housing (seasonally adjusted) rose by 4.2% in August 2007 compared with July 2007, following a decrease of 5.8% in July 2007. The trend series fell by 1.4% in August 2007, the eleventh consecutive monthly decrease.

Graph: Refinancing



TYPE OF LENDER (OWNER OCCUPATION)

Banks

The number of owner occupied dwellings financed by banks (seasonally adjusted) increased by 2.2% in August 2007 compared with July 2007, after a decrease of 5.3% in July 2007. The trend series fell by 0.5% in August 2007.

Graph: Banks



Non-banks

The number of owner occupied dwellings financed by non-banks (seasonally adjusted) decreased by 0.6% in August 2007 compared with July 2007, after a decrease of 0.4% in July 2007. The trend series decreased by 0.2% in August 2007.

Graph: Non-banks



HOUSING LOAN OUTSTANDINGS

At the end of August 2007, the value of outstanding housing loans financed by authorised deposit-taking institutions was $656,351m, up $7,778m (1.2%) from the July 2007 closing balance. Owner occupied housing loans increased by $5,640m (1.3%) to $442,122m, while investment housing loans increased by $2,138m (1.0%) to $214,229m.


Bank loans increased by $7,817m (1.3%) during August to reach a closing balance of $618,090m. Owner occupied housing loans of banks increased by $5,720m (1.4%) to $411,653m while investment housing loans increased by $2,097m (1.0%) to $206,437m.


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