5609.0 - Housing Finance, Australia, Jul 2011 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 06/09/2011   
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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) rose 1.2% in July 2011 compared with June 2011 and the seasonally adjusted series rose 1.6% in July 2011.

The total value of owner occupied housing commitments (trend) rose 1.5% (up $215m) in July 2011, following a rise of 1.4% in June 2011. Rises were recorded in commitments for the purchase of established dwellings (up $188m, 1.6%), the purchase of new dwellings (up $15m, 2.0%) and the construction of dwellings (up $12m, 1.0%). The seasonally adjusted series for the value of owner occupied commitments rose 1.4% in July 2011.

The total value of investment housing commitments (trend) rose 0.5% (up $29m) in July 2011 compared with June 2011. Rises were recorded in commitments for the purchase of dwellings by individuals for rent or resale (up $36m, 0.7%) and the construction of dwellings for rent or resale (up $4m, 1.0%), while the purchase of dwellings by others for rent or resale fell (down $11m, 1.9%). The value of investment housing commitments seasonally adjusted rose 1.9% in July 2011.

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 825, 1.7%) in July 2011 compared with June 2011. Rises were recorded in commitments for the refinancing of established dwellings (up 464, 2.9%), the purchase of established dwellings excluding refinancing (up 255, 1.0%), the construction of dwellings (up 60, 1.3%) and the purchase of new dwellings (up 46, 2.3%). This was the fifth consecutive month in which commitments for the refinancing of established dwellings increased at a greater rate than all other categories of owner occupied housing commitments. The seasonally adjusted estimate for the total number of owner occupied housing commitments rose (up 504, 1.0%) in July 2011.

Graph: Number of Owner Occupied Dwellings Financed


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

Between June 2011 and July 2011, the number of owner occupied housing commitments (trend) rose in New South Wales (up 219, 1.5%), Victoria (up 174, 1.3%), Queensland (up 167, 2.0%), Western Australia (up 87, 1.4%), South Australia (up 32, 0.9%), the Australian Capital Territory (up 14, 1.4%), Tasmania (up 2, 0.3%) and the Northern Territory (up 1, 0.6%). The seasonally adjusted estimates rose in all states and territories except South Australia (down 149, 3.9%), Western Australia (down 85, 1.4%) and the Northern Territory (down 2, 0.6%).


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 remained unchanged at 15.2% in July 2011. Between June 2011 and July 2011, the average loan size for first home buyers rose $2,500 to $282,700. The average loan size for all owner occupied housing commitments rose $5,300 to $293,400 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) rose 1.1% in July 2011 compared with June 2011, following a rise of 0.8% in June 2011. The seasonally adjusted series rose 0.3% in July 2011.

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) rose 1.3% in July 2011 compared with June 2011, following a rise of 0.9% in June 2011. The seasonally adjusted series fell 0.8% in July 2011, following a fall of 0.4% in June 2011.

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 2.3% in July 2011 compared with June 2011, following a rise of 1.9% in June 2011. The seasonally adjusted series fell 0.9% in July 2011, after a rise of 0.6% in June 2011.

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 1.7% in July 2011 compared with June 2011, following a rise of 1.5% in June 2011. The seasonally adjusted series rose 1.3% in July 2011, following a rise of 0.7% in June 2011.

Graph: Purchase of established dwellings including refinancing


Refinancing (Tables 1 & 2)

The number of refinancing commitments for owner occupied housing (trend) rose 2.9% in July 2011 compared with June 2011, following a rise of 2.8% in both May and June 2011. The seasonally adjusted series rose 2.5% in July 2011, after a fall of 0.7% in June 2011.

Graph: Refinancing


TYPE OF LENDER (OWNER OCCUPATION)

Banks (Tables 3 & 4)

The number of commitments for owner occupied dwellings financed by banks (trend) rose 2.1% in July 2011 compared with June 2011, following a rise of 2.0% in both May and June 2011. The seasonally adjusted series rose 1.2% in July 2011.

Graph: Banks


Non-banks (Tables 3 & 4)

The number of commitments for owner occupied dwellings financed by non-banks (trend) fell 1.4% in July 2011, following a fall of 2.8% in June 2011, the seventh fall in the last eight months. The seasonally adjusted series fell 0.1% in July 2011. The number of commitments for owner occupied dwellings financed by permanent building societies (trend) fell 1.3%. The seasonally adjusted series fell 2.8% in July 2011.

Graph: Non-banks


HOUSING LOAN OUTSTANDINGS

(Table 12)

At the end of July 2011, the value of outstanding housing loans financed by authorised deposit-taking institutions (ADIs) was $1,104,979m, up $4,944m (0.4%) from the June 2011 closing balance. Owner occupied housing loan outstandings financed by ADIs rose $3,685m (0.5%) to $774,314m and investment housing loans financed by ADIs rose $1,259m (0.4%) to $330,665m.

Bank housing loan outstandings rose $4,539m (0.4%) during July 2011 to reach a closing balance of $1,047,161m. Owner occupied housing loan outstandings of banks rose $3,322m (0.5%) to $727,454m and investment housing loan outstandings of banks rose $1,217m (0.4%) to $319,707m.