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5609.0 - Housing Finance, Australia, Jun 2008  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 06/08/2008   
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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) decreased 0.9% in June 2008 compared with May 2008. The trend series for the total value of dwelling finance commitments excluding alterations and additions decreased 3.4% in June 2008.

The total value of owner occupied housing commitments (seasonally adjusted) fell 1.1% (down $141m) in June 2008, following a revised decrease of 5.2% in May 2008. The decrease this month was due to falls in the purchase of established dwellings excluding refinancing (down $95m, 1.3%), refinancing of established dwellings (down $83m, 2.2%), and construction of dwellings (down $27m, 2.5%), while the purchase of new dwellings rose (up $64m, 14.3%). The trend series for the value of owner occupied commitments decreased by 3.6% in June 2008.

The total value of investment housing commitments (seasonally adjusted) decreased 0.3% (down $15m) in June 2008 compared with May 2008, following a revised decrease of 6.1% in May 2008. The decrease this month was due to a fall in the construction of dwellings for rent or resale (down $102m, 15.2%), while rises were recorded for the purchase of dwellings by others for rent or resale (up $79m, 13.3%) and the purchase of dwellings by individuals for rent or resale (up $9m, 0.2%). The trend series for the total value of investment housing commitments decreased 3.0% in June 2008.

INVESTMENT HOUSING - TOTAL
Graph: INVESTMENT HOUSING - TOTAL



Number of Owner Occupied Dwellings Financed

The number of owner occupied housing commitments (seasonally adjusted) decreased 3.7% (down 1,959) in June 2008 compared with May 2008, following a revised decrease of 6.9% in May 2008. Decreases were recorded in the purchase of established dwellings excluding refinancing (down 1,723, 6.0%), refinancing of established dwellings (down 232, 1.3%) and construction of dwellings (down 119, 2.7%), while the purchase of new dwellings rose (up 115, 6.9%). The trend estimates for the total number of owner occupied housing commitments decreased 4.5% in June 2008.

The number of owner occupied housing commitments (seasonally adjusted) decreased in June 2008 compared with May 2008 in New South Wales (down 940, 6.0%), Queensland (down 629, 5.8%), Western Australia (down 163, 2.6%), South Australia (down 144, 3.2%), Victoria (down 110, 0.9%) and Northern Territory (down 35, 8.4%) while an increase was recorded in the Australian Capital Territory (up 11, 1.6%) and Tasmania remained virtually unchanged (up 1, 0.1%). 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 17.3% in May 2008 to 17.6% in June 2008. The number of fixed rate loan commitments as a percentage of total owner occupied housing finance commitments decreased from 13.0% in May 2008 to 11.7% in June 2008. The average loan size for owner occupied housing commitments rose from $243,800 in May 2008 to $246,900 in June 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) decreased 4.9% in June 2008 compared with May 2008, following a revised decrease of 6.8% in May 2008. The trend fell 4.8% in June 2008, the twelfth 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 2.7% in June 2008 compared with May 2008, following a revised decrease of 4.1% in May 2008. The trend series fell by 1.9%, the seventh 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) rose 6.9% in June 2008, following a revised decrease of 14.5% in May 2008. The trend series fell by 4.3% in June 2008, the twelfth 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) fell 4.2% in June 2008, following a revised decrease of 6.9% in May 2008. The trend series fell 4.7% in June 2008.

Graph: Purchase of established dwellings including refinancing


Refinancing

The number of refinancing commitments for owner occupied housing (seasonally adjusted) fell 1.3% in June 2008 compared with May 2008, following a revised decrease of 7.1% in May 2008. The trend series fell 3.8% in June 2008.

Graph: Refinancing


TYPE OF LENDER (OWNER OCCUPATION)

Banks

The number of owner occupied dwellings financed by banks (seasonally adjusted) decreased 4.6% in June 2008 compared with May 2008, after a revised decrease of 5.1% in May 2008. The trend series fell 3.8% in June 2008.

Graph: Banks


Non-banks

The number of owner occupied dwellings financed by non-banks (seasonally adjusted) increased 1.8% in June 2008 compared with May 2008, after a revised decrease of 17.6% in May 2008. The trend series in the number of owner occupied dwellings financed by non-banks decreased 8.6% in June 2008, the thirteenth consecutive monthly decrease. The number of commitments for owner occupied dwellings financed by wholesale lenders n.e.c. (seasonally adjusted) increased 1.2%, while the trend series decreased 9.6%.

Graph: Non-banks


HOUSING LOAN OUTSTANDINGS

At the end of June 2008, the value of outstanding housing loans financed by authorised deposit-taking institutions was $754,168m, up $14,375m (1.9%) from the May 2008 closing balance. Owner occupied housing loans financed by authorised deposit-taking institutions increased $10,109m (2.0%) to $512,857m and investment housing loans financed by authorised deposit-taking institutions increased $4,266m (1.8%) to $241,311m.

Bank loans increased $14,202m (2.0%) during June 2008 to reach a closing balance of $711,748m. Owner occupied housing loans of banks increased $9,803m (2.0%) to $478,736m and investment housing loans increased $4,399m (1.9%) to $233,012m.


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