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5609.0 - Housing Finance, Australia, Nov 2011 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 16/01/2012   
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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) was flat (0.0%) in November 2011 compared with October 2011, while the seasonally adjusted series rose 2.1% in November 2011.

The total value of owner occupied housing commitments (trend) rose 0.2% (up $31m) in November 2011, the fifth consecutive month in which the rate of growth has slowed. A rise was recorded in commitments for the purchase of established dwellings (up $50m, 0.4%), while falls were recorded in the construction of dwellings (down $14m, 1.0%) and the purchase of new dwellings (down $5m, 0.7%). The seasonally adjusted series for the value of owner occupied housing commitments rose 2.2% in November 2011.

The total value of investment housing commitments (trend) fell (down $35m, 0.5%) in November 2011 compared with October 2011. Falls were recorded in commitments for the construction of dwellings for rent or resale (down $25m, 5.6%) and the purchase of dwellings by individuals for rent or resale (down $15m, 0.3%), while a rise was recorded for the purchase of dwellings by others for rent or resale (up $5m, 0.8%). The value of investment housing commitments seasonally adjusted rose 1.8% in November 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 268, 0.6%) in November 2011 compared with October 2011. Rises were recorded in commitments for the purchase of established dwellings excluding refinancing (up 279, 1.2%), the refinancing of established dwellings (up 23, 0.1%), the purchase of new dwellings (up 10, 0.5%), while the construction of dwellings fell (down 42, 0.9%). The seasonally adjusted estimate for the total number of owner occupied housing commitments rose (up 660, 1.4%) in November 2011.

Graph: Number of Owner Occupied Dwellings Financed


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

Between October 2011 and November 2011, the number of owner occupied housing commitments (trend) rose in New South Wales (up 270, 1.9%), Western Australia (up 29, 0.5%), South Australia (up 3, 0.1%), the Northern Territory (up 2, 0.6%) and the Australian Capital Territory (up 1, 0.1%), while falls were recorded in Victoria (down 86, 0.7%) and Tasmania (down 1, 0.1%), and Queensland was flat (0.0%). The seasonally adjusted estimates rose in New South Wales (up 595, 4.2%), Queensland (up 70, 0.9%), Western Australia (up 57, 0.9%), Tasmania (up 34, 3.9%) and the Australian Capital Territory (up 35, 4.3%), while falls were recorded in Victoria (down 20, 0.2%), South Australia (down 11, 0.3%) and the Northern Territory (down 1, 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 rose to 20.0% in November 2011 from 19.1% in October 2011. Between October 2011 and November 2011, the average loan size for first home buyers fell $1,000 to $282,400. The average loan size for all owner occupied housing commitments rose $1,300 to $294,800 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 0.8% in November 2011 compared with October 2011. This is the fourth consecutive rise of 0.8%. The seasonally adjusted series rose 2.5% in November 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) fell 0.9% in November 2011 compared with October 2011, following a fall of 0.8% in October 2011. The seasonally adjusted series fell 0.4% in November 2011, following a fall of 1.7% in October 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 0.5% in November 2011 compared with October 2011, following a rise of 0.5% in October 2011. The seasonally adjusted series rose 2.0% in November 2011, following a rise of 1.7% in October 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 0.8% in November 2011 compared with October 2011, following a rise of 0.9% in October 2011. The seasonally adjusted series rose 1.6% in November 2011, following a rise of 1.1% in October 2011.

Graph: Purchase of established dwellings including refinancing


Refinancing (Tables 1 & 2)

The number of refinancing commitments for owner occupied housing (trend) rose 0.1% in November 2011 compared with October 2011, following a rise of 0.6% in October 2011 and 1.0% in September 2011. The seasonally adjusted series fell 0.6% in November 2011, following a fall of 2.6% in October 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 0.6% in November 2011 compared with October 2011, following a rise of 0.8% in October 2011 and 1.1% in September 2011. The seasonally adjusted series rose 1.1% in November 2011.

Graph: Banks


Non-banks (Tables 3 & 4)

The number of commitments for owner occupied dwellings financed by non-banks (trend) rose 0.6% in November 2011, after being flat in October and falling in each of the previous 10 months. The seasonally adjusted series rose 4.5% in November 2011, following a rise of 0.2% in October 2011. The number of commitments for owner occupied dwellings financed by permanent building societies (trend) rose 4.4% in November 2011. The seasonally adjusted series rose 27.2% in November 2011.

Graph: Non-banks


HOUSING LOAN OUTSTANDINGS

(Table 12)

At the end of November 2011, the value of outstanding housing loans financed by authorised deposit-taking institutions (ADIs) was $1,124,757m, up $5,700m (0.5%) from the October 2011 closing balance. Owner occupied housing loan outstandings financed by ADIs rose $3,909m (0.5%) to $758,911m and investment housing loans financed by ADIs rose $1,791m (0.5%) to $365,846m.

Bank housing loan outstandings rose $5,474m (0.5%) during November 2011 to reach a closing balance of $1,068,785m. Owner occupied housing loan outstandings of banks rose $3,713m (0.5%) to $713,551m and investment housing loan outstandings of banks rose $1,761m (0.5%) to $355,234m.


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