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5609.0 - Housing Finance, Australia, Jul 2008  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 09/09/2008   
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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 0.6% in July 2008 compared with June 2008. The trend series for the total value of dwelling finance commitments excluding alterations and additions decreased 2.4% in July 2008.

The total value of owner occupied housing commitments (seasonally adjusted) fell 0.1% (down $11m) in July 2008, following a revised decrease of 1.0% in June 2008. The decrease this month was due to falls in the purchase of new dwellings (down $40m, 7.8%) and the construction of dwellings (down $26m, 2.5%), while increases were recorded in the refinancing of established dwellings (up $32m, 0.9%) and the purchase of established dwellings excluding refinancing (up $23m, 0.3%). The trend series for the value of owner occupied commitments decreased by 2.6% in July 2008.

The total value of investment housing commitments (seasonally adjusted) increased 2.3% (up $128m) in July 2008 compared with June 2008, following a revised decrease of 0.4% in June 2008. The increase this month was due to a rise in the construction of dwellings for rent or resale (up $165m, 28.2%) and the purchase of dwellings by others for rent or resale (up $85m, 12.4%), while a decrease was recorded for the purchase of dwellings by individuals for rent or resale (down $122m, 2.8%). The trend series for the total value of investment housing commitments decreased 1.9% in July 2008.

INVESTMENT HOUSING - TOTAL
Graph: INVESTMENT HOUSING - TOTAL



Number of Owner Occupied Dwellings Financed

The number of owner occupied housing commitments (seasonally adjusted) decreased 0.2% (down 97) in July 2008 compared with June 2008, following a revised decrease of 3.7% in June 2008. Decreases were recorded in the refinancing of established dwellings (down 266, 1.6%), construction of dwellings (down 73, 1.7%) and the purchase of new dwellings (down 56, 3.1%), while a rise was recorded in the purchase of established dwellings excluding refinancing (up 298, 1.1%). The trend estimates for the total number of owner occupied housing commitments decreased 3.7% in July 2008.

The number of owner occupied housing commitments (seasonally adjusted) decreased in July 2008 compared with June 2008 in Victoria (down 279, 2.2%), Queensland (down 190, 1.8%), New South Wales (down 73, 0.5%), South Australia (down 62, 1.4%), Northern Territory (down 17, 4.5%), the Australian Capital Territory (down 8, 1.2%) and Tasmania (down 7, 0.7%), while an increase was recorded in Western Australia (up 144, 2.3%). The trend estimates decreased in all states and territories.

In original terms, the number of first home buyer commitments as a percentage of total owner occupied housing finance commitments increased from 17.6% in June 2008 to 18.6% in July 2008. The number of fixed rate loan commitments as a percentage of total owner occupied housing finance commitments decreased from 11.7% in June 2008 to 8.8% in July 2008. The average loan size for owner occupied housing commitments rose from $246,900 in June 2008 to $248,400 in July 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 0.5% in July 2008 compared with June 2008, following a revised decrease of 5.6% in June 2008. The trend fell 3.9% in July 2008, the thirteenth consecutive monthly decrease.

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) fell 1.7% in July 2008 compared with June 2008, following a revised decrease of 2.8% in June 2008. The trend series fell by 2.2%, the eighth consecutive monthly decrease.

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 3.1% in July 2008, following a revised increase of 6.4% in June 2008. The trend series fell by 3.0% in July 2008, the thirteenth 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 0.1% in July 2008, following a revised decrease of 4.1% in June 2008. The trend series fell 3.9% in July 2008, the seventh consecutive monthly decrease.

Graph: Purchase of established dwellings including refinancing


Refinancing

The number of refinancing commitments for owner occupied housing (seasonally adjusted) fell 1.6% in July 2008 compared with June 2008, following a revised increase of 0.4% in June 2008. The trend series fell 3.2% in July 2008.

Graph: Refinancing


TYPE OF LENDER (OWNER OCCUPATION)

Banks

The number of owner occupied dwellings financed by banks (seasonally adjusted) increased 1.0% in July 2008 compared with June 2008, after a revised decrease of 4.4% in June 2008. The trend series fell 3.1% in July 2008, the seventh consecutive monthly decrease.

Graph: Banks


Non-banks

The number of owner occupied dwellings financed by non-banks (seasonally adjusted) decreased 8.0% in July 2008 compared with June 2008, after a revised increase of 1.6% in June 2008. The trend series in the number of owner occupied dwellings financed by non-banks decreased 7.9% in July 2008, the thirteenth consecutive monthly decrease. The number of commitments for owner occupied dwellings financed by wholesale lenders n.e.c. (seasonally adjusted) decreased 9.6% and the trend series decreased 9.5%.

Graph: Non-banks


HOUSING LOAN OUTSTANDINGS

At the end of July 2008, the value of outstanding housing loans financed by authorised deposit-taking institutions was $765,230m, up $7,785m (1.0%) from the June 2008 closing balance. Owner occupied housing loans financed by authorised deposit-taking institutions increased $5,975m (1.2%) to $520,669m and investment housing loans financed by authorised deposit-taking institutions increased $1,810m (0.7%) to $244,561m.

Bank loans increased $7,414m (1.0%) during July 2008 to reach a closing balance of $722,435m. Owner occupied housing loans of banks increased $5,626m (1.2%) to $486,195m and investment housing loans increased $1,788m (0.8%) to $236,240m.


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