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5609.0 - Housing Finance, Australia, Jul 2009 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 09/09/2009   
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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 0.9% in July 2009 compared with June 2009 while the seasonally adjusted series decreased 2.3% in July 2009.

The total value of owner occupied housing commitments (trend) rose 0.8% (up $139m) in July 2009, following a revised increase of 1.4% in June 2009. The increase in July was due to increases in the value of commitments for the purchase of established dwellings excluding refinancing (up $85m, 0.8%), the construction of dwellings (up $39m, 2.5%), the refinancing of established dwellings (up $11m, 0.3%) and the purchase of new dwellings (up $3m, 0.4%). The seasonally adjusted series for the value of owner occupied commitments decreased 1.7% in July 2009.

The total value of investment housing commitments (trend) rose 1.0% (up $59m) in July 2009 compared with June 2009, following a revised increase of 1.2% in June 2009. The rise in July was due to increases in commitments for the purchase of dwellings by individuals for rent or resale (up $60m, 1.2%) and the purchase of dwellings by others for rent or resale (up $7m, 1.4%), while the construction of dwellings for rent or resale fell (down $8m, 1.9%). The seasonally adjusted series fell 4.0% in July 2009.

INVESTMENT HOUSING - TOTAL
Graph: INVESTMENT HOUSING - TOTAL



Number of Owner Occupied Dwellings Financed

The number of owner occupied housing commitments (trend) increased 0.5% (up 353) in July 2009 compared with June 2009, following a revised increase of 1.0% in June 2009. Increases were recorded in commitments for the construction of dwellings (up 167, 2.6%), the purchase of established dwellings excluding refinancing (up 118, 0.3%), the refinancing of established dwellings (up 54, 0.3%) and the purchase of new dwellings ( up 14, 0.6%). The seasonally adjusted estimates for the total number of owner occupied housing commitments fell 2.0% in July 2009.

Graph: Number of Owner Occupied Dwellings Financed

In July 2009 compared with June 2009 the number of owner occupied housing commitments (trend) increased in: New South Wales (up 146, 0.7%), Victoria (up 126, 0.8%), Queensland (up 115, 0.8%), Western Australia (up 49, 0.6%), South Australia (up 37, 0.7%) and the Northern Territory (up 3, 0.6%). Decreases were recorded in the Australian Capital Territory (down 10, 0.9%) and Tasmania (down 2, 0.1%). The seasonally adjusted estimates decreased in all states and territories with the exception of South Australia and the Northern Territory.


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 27.1% in June 2009 to 25.7% in July 2009. Between June and July 2009, the average loan size for first home buyers fell $1,100 to $269,100. The average loan size for all owner occupied housing commitments rose $2,600 to $266,900 for the same period.


Number of Owner Occupied Dwellings Financed Excluding Refinancing

The number of owner occupied housing commitments excluding refinancing (trend) rose 0.6% in July 2009 compared with June 2009, following a revised increase of 1.3% in June 2009. The seasonally adjusted series fell 2.2% in July 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 2.6% in July 2009 compared with June 2009, following a revised increase of 3.7% in June 2009. The seasonally adjusted series fell 0.7%.

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 July 2009 compared with June 2009, following a revised increase of 0.8% in June 2009. The seasonally adjusted series fell 0.5% in July 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) rose 0.3% in July 2009 compared with June 2009, following a revised increase of 0.7% in June 2009. The seasonally adjusted series fell 2.3% in July 2009.

Graph: Purchase of established dwellings including refinancing


Refinancing

The number of refinancing commitments for owner occupied housing (trend) rose 0.3% in July 2009 compared with June 2009, following a revised increase of 0.2% in June 2009. The seasonally adjusted series fell 1.7% in July 2009.

Graph: Refinancing


TYPE OF LENDER (OWNER OCCUPATION)

Banks

The number of owner occupied dwellings financed by banks (trend) rose 0.4% in July 2009 compared with June 2009, after a revised increase of 0.9% in June 2009. The seasonally adjusted series fell 2.3% in July 2009.

Graph: Banks


Non-banks

The number of owner occupied dwellings financed by non-banks (trend) rose 1.6% in July 2009 compared with June 2009, after a revised increase of 2.1% in June 2009. The seasonally adjusted series rose 0.2% in July 2009. The number of commitments for owner occupied dwellings financed by wholesale lenders n.e.c. (trend) decreased 2.7%. The seasonally adjusted series rose 3.5%.

Graph: Non-banks


HOUSING LOAN OUTSTANDINGS

At the end of July 2009, the value of outstanding housing loans financed by authorised deposit-taking institutions was $904,734m, up $9,817m (1.1%) from the June 2009 closing balance. Owner occupied housing loan outstandings financed by authorised deposit-taking institutions increased $7,960m (1.3%) to $630,847m and investment housing loans financed by authorised deposit-taking institutions increased $1,857m (0.7%) to $273,887m.

Bank housing loan outstandings increased $9,332m (1.1%) during July 2009 to reach a closing balance of $859,427m. Owner occupied housing loan outstandings of banks increased $7,509m (1.3%) to $593,293m and investment housing loan outstandings of banks increased $1,823m (0.7%) to $266,134m.


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