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5609.0 - Housing Finance, Australia, Nov 2009 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 12/01/2010   
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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) remained flat in November 2009 compared with October 2009, while the seasonally adjusted series decreased 1.6% in November 2009.

The total value of owner occupied housing commitments (trend) fell (down $61m, 0.4%) in November 2009, following a decrease of 0.3% in October 2009. The decreases in commitments for the purchase of established dwellings (down $112m, 0.8%) and the purchase of new dwellings (down $3m, 0.4% ) were partially offset by an increase in commitments for the construction of dwellings (up $54m, 3.0%). The seasonally adjusted series for the value of owner occupied commitments fell 2.9% in November 2009.

The total value of investment housing commitments (trend) rose 0.8% (up $52m) in November 2009 compared with October 2009, following an increase of 0.9% in October 2009. The rise in November was due to increases in commitments for the purchase of dwellings by individuals for rent or resale (up $50m, 1.0%) and the purchase of dwellings by others for rent or resale (up $5m, 0.9%). A decrease was recorded for the construction of dwellings for rent or resale (down $3m, 0.8%). The value of investment housing commitments seasonally adjusted rose 2.1% in November 2009.

INVESTMENT HOUSING - TOTAL
Graph: INVESTMENT HOUSING - TOTAL



Number of Owner Occupied Dwellings Financed (Tables 1 & 2)

The number of owner occupied housing commitments (trend) fell (down 661, 1.1%) in November 2009 compared with October 2009. Decreases were recorded in commitments for the purchase of established dwellings excluding refinancing (down 546, 1.5%), the refinancing of established dwellings (down 292, 1.8%) and the purchase of new dwellings (down 35, 1.3%). An increase was recorded for the construction of dwellings (up 212, 2.8%). The seasonally adjusted estimate for the total number of owner occupied housing commitments fell 5.6% in November 2009.

Graph: Number of Owner Occupied Dwellings Financed


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

Between October and November 2009, the number of owner occupied housing commitments (trend) decreased in: New South Wales (down 318, 1.7%), Queensland (down 266, 2.1%), South Australia (down 103, 2.0%), Victoria (down 47, 0.3%), Tasmania (down 14, 1.2%) and the Northern Territory (down 7, 1.4%). An increase was recorded for Western Australia (up 73, 1.0%), while the Australian Capital Territory remained flat. The seasonally adjusted estimates decreased in all states and territories.


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 decreased from 26.0% in October 2009 to 22.1% in November 2009. Between October and November 2009, the average loan size for first home buyers rose $8,400 to $283,900. The average loan size for all owner occupied housing commitments rose $7,900 to $279,900 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) fell 0.8% in November 2009 compared with October 2009, following a decrease of 0.6% in October 2009. The seasonally adjusted series fell 6.2% in November 2009.

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) increased 2.8% in November 2009 compared with October 2009, following an increase of 3.7% in October 2009. The seasonally adjusted series fell 6.5% in November 2009.

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) decreased 1.3% in November 2009 compared with October 2009, following a decrease of 1.1% in October 2009. The seasonally adjusted series fell 5.1% in November 2009.

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) decreased 1.6% in November 2009 compared with October 2009, following a decrease of 1.6% in October 2009. The seasonally adjusted series fell 5.4% in November 2009.

Graph: Purchase of established dwellings including refinancing


Refinancing (Tables 1 & 2)

The number of refinancing commitments for owner occupied housing (trend) decreased 1.8% in November 2009 compared with October 2009, following a decrease of 2.1% in October 2009. The seasonally adjusted series fell 3.6% in November 2009.

Graph: Refinancing


TYPE OF LENDER (OWNER OCCUPATION)

Banks (Tables 3 & 4)

The number of owner occupied dwellings financed by banks (trend) decreased 1.1% in November 2009 compared with October 2009, after a decrease of 1.0% in October 2009. The seasonally adjusted series fell 5.6% in November 2009.

Graph: Banks


Non-banks (Tables 3 & 4)

The number of owner occupied dwellings financed by non-banks (trend) fell 0.7% in November 2009 compared with October 2009, after a decrease of 0.4% in October 2009. The seasonally adjusted series for the number of owner occupied dwellings financed by non-banks decreased 5.0% in November 2009. The number of commitments for owner occupied dwellings financed by permanent building societies (trend) decreased 8.0%. The seasonally adjusted series decreased 7.2%.

Graph: Non-banks


HOUSING LOAN OUTSTANDINGS

(Table 12)

At the end of November 2009, the value of outstanding housing loans financed by authorised deposit-taking institutions was $947,089m, up $15,152m (1.6%) from the October 2009 closing balance. Owner occupied housing loan outstandings financed by authorised deposit-taking institutions increased $11,141m (1.7%) to $662,945m and investment housing loans financed by authorised deposit-taking institutions increased $4,011m (1.4%) to $284,144m.

Bank housing loan outstandings increased $14,651m (1.7%) during November 2009 to reach a closing balance of $899,922m. Owner occupied housing loan outstandings of banks increased $10,719m (1.7%) to $623,848m and investment housing loan outstandings of banks increased $3,932m (1.4%) to $276,074m.


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