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5609.0 - Housing Finance, Australia, Jan 2008  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 11/03/2008   
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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) increased 3.7% in January 2008 compared with December 2007. The trend series for total value of dwelling finance commitments increased by 0.9% in January 2008.

The total value of owner occupied housing commitments (seasonally adjusted) rose by 1.7% (up $270m) in January 2008, following a revised 0.7% rise in December 2007. The increase this month was due to a rise in refinancing of established dwellings (up $164m, 3.9%), purchase of established dwellings excluding refinancing (up $125m, 1.3%) and construction of dwellings (up $21m, 1.8%) which were partially offset by purchase of new dwellings (down $41m, 6.3%). The trend series in the value of owner occupied commitments increased by 0.8% in January 2008.

The total value of investment housing commitments (seasonally adjusted) increased by 8.3% (up $556m) in January 2008 compared with December 2007, following a revised decrease of 2.2% in December 2007. The increase this month was due to increases in construction of dwellings for rent or resale (up $483m, 81.5%), purchase of dwellings by others for rent or resale rose (up $55m, 7.6%) and purchase of dwellings by individuals for rent or resale (up $19m, 0.3%). The trend series in total value of investment housing commitments increased by 1.2% in January 2008.

INVESTMENT HOUSING - TOTAL
Graph: Investment Housing - Total



Number of Owner Occupied Dwellings Financed

The number of owner occupied housing commitments (seasonally adjusted) increased by 2.3% (up 1,558) in January 2008 compared with December 2007, following a revised increase of 0.4% in December 2007. Increases were recorded in refinancing of established dwellings (up 1,251, 6.0%), purchase of established dwellings excluding refinancing (up 298, 0.8%) and construction of dwellings (up 126, 2.7%), while a decrease was recorded in purchase of new dwellings (down 117, 4.9%).

The number of owner occupied housing commitments (trend) increased 1.2% in January 2008.

The number of owner occupied housing commitments (seasonally adjusted) increased in January 2008 compared with December 2007 in New South Wales (up 659, 3.4%), Victoria (up 580, 3.7%), Western Australia (up 470, 5.6%), South Australia (up 149, 2.7%) and Tasmania (up 57, 4.2%), while decreases were recorded in the Northern Territory (down 66, 13.2%), Queensland (down 26, 0.2%) and the Australian Capital Territory (down 8, 0.9%). The trend estimates increased in the New South Wales, Victoria, South Australia, Western Australia, Tasmania and the Australian Capital Territory, while Queensland and the Northern 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 18.4% in December 2007 to 18.0% in January 2008. The number of fixed rate loan commitments as a percentage of total owner occupied housing finance commitments fell from 23.4% in December 2007 to 22.3% in January 2008. The average loan size for owner occupied housing commitments fell from $238,400 in December 2007 to $233,900 in January 2008.

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 0.7% in January 2008 compared with December 2007, following a revised decrease of 1.5% in December 2007. The trend rose 0.2% in January 2008.

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) rose 2.7% in January 2008 compared with December 2007, following a revised decrease of 2.3% in December 2007. The trend rose 0.3% in January 2008, the ninth consecutive monthly increase.

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 4.9% in January 2008, following a revised decrease of 4.1% in December 2007. The trend series fell by 4.4% in January 2008, the seventh consecutive monthly decrease.

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 2.6% in January 2008, following a revised increase of 0.8% in December 2007. The trend series increased by 1.4% in January 2008.

Graph: Purchase of established dwellings including refinancing


Refinancing

The number of refinancing commitments for owner occupied housing (seasonally adjusted) rose 6.0% in January 2008 compared with December 2007, following a revised increase of 4.8% in December 2007. The trend series rose 3.3% in January 2008.

Graph: Refinancing


TYPE OF LENDER (OWNER OCCUPATION)

Banks

The number of owner occupied dwellings financed by banks (seasonally adjusted) increased by 3.3% in January 2008 compared with December 2007, after a revised increase of 1.1% in December 2007. The trend series rose 1.8% in January 2008.

Graph: Banks


Non-banks

The number of owner occupied dwellings financed by non-banks (seasonally adjusted) decreased by 2.2% in January 2008 compared with December 2007, after a decrease of 3.0% in December 2007. The trend series in the number of owner occupied dwellings financed by non-banks decreased by 2.0% in January 2008, the eighth consecutive monthly decrease. The number of commitments for owner occupied dwellings financed by wholesale lenders n.e.c. (seasonally adjusted) decreased 0.5% and the trend series has continued to decline (down 3.8%).

Graph: Non-banks


HOUSING LOAN OUTSTANDINGS

At the end of January 2008, the value of outstanding housing loans financed by authorised deposit-taking institutions was $709,518m, up $8,643m (1.2%) from the December 2007 closing balance. Owner occupied housing loans increased by $6,471m (1.4%) to $481,354m and investment housing loans increased by $2,172m (1.0%) to $228,164m.

Bank loans increased by $8,183m (1.2%) during January 2008 to reach a closing balance of $669,007m. Owner occupied housing loans of banks increased by $6,076m (1.4%) to $448,936 and investment housing loans increased by $2,107m (1.0%) to $220,071m.


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