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5609.0 - Housing Finance, Australia, Aug 2009 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 07/10/2009   
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SUMMARY OF FINDINGS


DWELLINGS FINANCED

Value of Dwellings Financed

The total value of dwelling commitments excluding alterations and additions (trend) increased 0.2% in August 2009 compared with July 2009 and the seasonally adjusted series increased 0.7% in August 2009.

The total value of owner occupied housing commitments (trend) fell 0.2% (down $38m) in August 2009, following a revised rise of 0.2% in July 2009. The fall in August was due to decreases in the value of commitments for the refinancing of established dwellings (down $57m, 1.4%) and the purchase of established dwellings excluding refinancing (down $14m, 0.1%). Increases were recorded in the construction of dwellings (up $30m, 1.9%) and the purchase of new dwellings (up $2m, 0.3%). The seasonally adjusted series for the value of owner occupied commitments fell 1.7% in August 2009.

The total value of investment housing commitments (trend) rose 1.4% (up $83m) in August 2009 compared with July 2009, following a revised increase of 1.8% in July 2009. The rise in August was due to increases in commitments for the purchase of dwellings by individuals for rent or resale (up $55m, 1.1%) and the purchase of dwellings by others for rent or resale (up $45m, 6.7%). Commitments for the construction of dwellings for rent or resale fell (down $17m, 4.4%). The seasonally adjusted series rose 7.6%.

INVESTMENT HOUSING - TOTAL
Graph: INVESTMENT HOUSING - TOTAL



Number of Owner Occupied Dwellings Financed

The number of owner occupied housing commitments (trend) fell 0.1% (down 82) in August 2009 compared with July 2009, following a revised rise of 0.2% in July 2009. Decreases were recorded in commitments for the refinancing of established dwellings (down 163, 1.0%) and the purchase of established dwellings excluding refinancing (down 52, 0.1%). Increases were recorded in the construction of dwellings (up 118, 1.8%) and the purchase of new dwellings (up 16, 0.6%). The seasonally adjusted series for the total number of owner occupied housing commitments fell 0.6% in August 2009.

Graph: Number of Owner Occupied Dwellings Financed

In August 2009 compared with July 2009 the number of owner occupied housing commitments (trend) decreased in: New South Wales (down 126, 0.6%), Western Australia (down 60, 0.8%), Australian Capital Territory (down 22, 2.0%), Tasmania (down 19, 1.5%) and the Northern Territory (down 5, 0.9%). Increases were recorded in Victoria (up 71, 0.5%), South Australia (up 35, 0.6%) and Queensland (up 20, 0.1%). The seasonally adjusted estimates decreased in most states and territories with the exception of Australian Capital Territory, South Australia and Victoria.


First Home Buyer Commitments

In original terms, the number of first home buyer commitments as a percentage of total owner occupied housing finance commitments decreased from 25.3% in July 2009 to 24.7% in August 2009. Between July and August 2009, the average loan size for first home buyers increased $1,000 to $270,800. The average loan size for all owner occupied housing commitments remained unchanged at $266,600.


Number of Owner Occupied Dwellings Financed Excluding Refinancing

The number of owner occupied housing commitments excluding refinancing (trend) rose 0.2% in August 2009 compared with July 2009, following a revised increase of 0.6% in July 2009. The seasonally adjusted series rose 1.3% in August 2009.

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 (trend) rose 1.8% in August 2009 compared with July 2009, following a revised increase of 2.8% in July 2009. The seasonally adjusted series rose 4.6%.

Graph: Construction of dwellings


Purchase of new dwellings

The number of finance commitments for the purchase of new dwellings for owner occupation (trend) rose 0.6% in August 2009 compared with July 2009, following a revised increase of 1.0% in July 2009. The seasonally adjusted series rose 4.9% in August 2009.

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 (trend) decreased 0.4% in August 2009 compared with July 2009, following a revised decrease of 0.1% in July 2009. The seasonally adjusted series fell 1.5% in August 2009.

Graph: Purchase of established dwellings including refinancing


Refinancing

The number of refinancing commitments for owner occupied housing (trend) fell 1.0% in August 2009 compared with July 2009, following a revised decrease of 0.8% in July 2009. The seasonally adjusted series fell 5.6% in August 2009.

Graph: Refinancing


TYPE OF LENDER (OWNER OCCUPATION)

Banks

The number of owner occupied dwellings financed by banks (trend) fell 0.2% in August 2009 compared with July 2009, after a revised increase of 0.1% in July 2009. The seasonally adjusted series fell 0.5% in August 2009.

Graph: Banks


Non-banks

The number of owner occupied dwellings financed by non-banks (trend) rose 0.4% in August 2009 compared with July 2009, after a revised increase of 1.0% in July 2009. The seasonally adjusted series fell 1.4% in August 2009. The number of commitments for owner occupied dwellings financed by wholesale lenders n.e.c. (trend) decreased 3.0%. The seasonally adjusted series fell 7.4%.

Graph: Non-banks


HOUSING LOAN OUTSTANDINGS

At the end of August 2009, the value of outstanding housing loans financed by authorised deposit-taking institutions was $910,640m, up $9,982m (1.1%) from the July 2009 closing balance. Owner occupied housing loan outstandings financed by authorised deposit-taking institutions increased $7,674m (1.2%) to $635,251m and investment housing loans financed by authorised deposit-taking institutions increased $2,308m (0.8%) to $275,389m.

Bank housing loan outstandings increased $9,498m (1.1%) during August 2009 to reach a closing balance of $864,680m. Owner occupied housing loan outstandings of banks increased $7,250m (1.2%) to $597,140m and investment housing loan outstandings of banks increased $2,248m (0.8%) to $267,540m.


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