5609.0 - Housing Finance, Australia, Aug 2010 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 11/10/2010   
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SUMMARY OF FINDINGS


DWELLINGS FINANCED

Value of Dwellings Financed (Tables 11, 1 & 2)

The total value of dwelling commitments excluding alterations and additions (trend) was flat (0.0%) in August 2010 compared with July 2010, while the seasonally adjusted series fell 1.3% in August 2010.

The total value of owner occupied housing commitments (trend) rose 0.6% (up $85m) in August 2010, following a rise of 0.4% in July 2010. Rises were recorded in commitments for the purchase of established dwellings (up $97m, 0.8%) and the purchase of new dwellings (up $2m, 0.3%), while commitments for the construction of dwellings fell (down $14m, 1.1%). The seasonally adjusted series for the value of owner occupied commitments was flat (0.0%) in August 2010.

The total value of investment housing commitments (trend) fell 1.3% (down $89m) in August 2010 compared with July 2010, following a fall of 1.2% in July 2010. Falls were recorded in commitments for the purchase of dwellings by individuals for rent or resale (down $78m, 1.4%) and the purchase of dwellings by others for rent or resale (down $17m, 2.5%), while commitments for the construction of dwellings for rent or resale rose (up $6m, 1.3%). The value of investment housing commitments seasonally adjusted fell 3.9% in August 2010.

INVESTMENT HOUSING - TOTAL
Graph: INVESTMENT HOUSING - TOTAL



Number of Owner Occupied Dwellings Financed (Tables 1 & 2)

The number of owner occupied housing commitments (trend) rose (up 137, 0.3%) in August 2010 compared with July 2010. Rises were recorded in commitments for the refinancing of established dwellings (up 208, 1.5%), the purchase of established dwellings excluding refinancing (up 12, 0.0%) and the purchase of new dwellings (up 8, 0.3%), while a fall was recorded in commitments for the construction of dwellings (down 89, 1.9%). The seasonally adjusted estimate for the total number of owner occupied housing commitments rose 1.0% in August 2010.

Graph: Number of Owner Occupied Dwellings Financed


Number of Owner Occupied Dwellings Financed - State (Tables 5 & 6)

Between July and August 2010, the number of owner occupied housing commitments (trend) rose in New South Wales (up 153, 1.1%), Victoria (up 98, 0.8%), South Australia (up 14, 0.4%), Tasmania (up 4, 0.4%) and the Australian Capital Territory (up 1, 0.2%). Falls were recorded in Western Australia (down 102, 1.9%), Queensland (down 24, 0.3%) and the Northern Territory (down 3, 0.9%). The seasonally adjusted estimates rose in all states and territories except Queensland (down 108, 1.2%), Western Australia (down 19, 0.4%) and the Australian Capital Territory (down 15, 1.6%).


First Home Buyer Commitments (Table 9)

In original terms, the number of first home buyer commitments as a percentage of total owner occupied housing finance commitments fell from 15.9% in July 2010 to 15.5% in August 2010. Between July and August 2010, the average loan size for first home buyers fell $3,300 to $283,200. The average loan size for all owner occupied housing commitments fell $2,700 to $287,700 for the same period.


Number of Owner Occupied Dwellings Financed Excluding Refinancing (Tables 1 & 2)

The number of owner occupied housing commitments excluding refinancing (trend) fell 0.2% in August 2010 compared with July 2010, following a fall of 0.4% in July 2010. The seasonally adjusted series rose 1.0% in August 2010.

Graph: Number of owner occupied dwellings financed excluding refinancing


PURPOSE OF FINANCE (OWNER OCCUPATION)

Construction of dwellings (Tables 1 & 2)

The number of finance commitments for the construction of dwellings for owner occupation (trend) fell 1.9% in August 2010 compared with July 2010, following a fall of 2.8% in July 2010. The seasonally adjusted series fell 1.0% in August 2010.

Graph: Construction of dwellings


Purchase of new dwellings (Tables 1 & 2)

The number of finance commitments for the purchase of new dwellings for owner occupation (trend) rose 0.3% in August 2010 compared with July 2010, following a rise of 0.9% in July 2010. The seasonally adjusted series fell 2.0% in August 2010.

Graph: Purchase of new dwellings


Purchase of established dwellings (including refinancing across lending institutions) (Tables 1 & 2)

The number of finance commitments for the purchase of established dwellings for owner occupation (trend) rose 0.6% in August 2010 compared with July 2010, following a rise of 0.5% in July 2010. The seasonally adjusted series rose 1.4% in August 2010.

Graph: Purchase of established dwellings including refinancing


Refinancing (Tables 1 & 2)

The number of refinancing commitments for owner occupied housing (trend) rose 1.5% in August 2010 compared with July 2010, following a rise of 1.7% in July 2010. The seasonally adjusted series rose 0.8% in August 2010.

Graph: Refinancing


TYPE OF LENDER (OWNER OCCUPATION)

Banks (Tables 3 & 4)

The number of commitments for owner occupied dwellings financed by banks (trend) rose 0.2% in August 2010 compared with July 2010, following a rise of 0.1% in July 2010. The seasonally adjusted series rose 1.2% in August 2010.

Graph: Banks


Non-banks (Tables 3 & 4)

The number of commitments for owner occupied dwellings financed by non-banks (trend) rose 0.9% in August 2010, following a rise of 0.5% in July 2010. The seasonally adjusted series fell 0.5% in August 2010. The number of commitments for owner occupied dwellings financed by permanent building societies (trend) rose 0.5%. The seasonally adjusted series rose 0.5% in August 2010.

Graph: Non-banks


HOUSING LOAN OUTSTANDINGS

(Table 12)

At the end of August 2010, the value of outstanding housing loans financed by authorised deposit-taking institutions (ADIs) was $1,021,841m, up $6,950m (0.7%) from the July 2010 closing balance. Owner occupied housing loan outstandings financed by ADIs rose $4,399m (0.6%) to $712,368m and investment housing loans financed by ADIs rose $2,551m (0.8%) to $309,473m.

Bank housing loan outstandings rose $6,881m (0.7%) during August 2010 to reach a closing balance of $971,932m. Owner occupied housing loan outstandings of banks rose $4,486m (0.7%) to $672,557m and investment housing loan outstandings of banks rose $2,395m (0.8%) to $299,375m.