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5609.0 - Housing Finance, Australia, Oct 2007  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 10/12/2007   
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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) increased 1.7% in October 2007 compared with September 2007. The trend series for total value of dwelling finance commitments decreased by 1.0% in October 2007.


The total value of owner occupied housing commitments (seasonally adjusted) rose by 1.1% (up $169m) in October 2007, following a 1.8% fall in September 2007. The increase this month was due to a rise in purchase of established dwellings excluding refinancing (up $314m, 3.4%) and construction of dwellings (up $48m, 4.1%), partially offset by decreases in purchase of new dwellings (down $108m, 13.3%) and refinancing of established dwellings (down $85m, 2.3%). The trend series in the value of owner occupied commitments decreased by 0.7% in October 2007.


The total value of investment housing commitments (seasonally adjusted) increased by 2.9% (up $195m) in October 2007 compared with September 2007, following a decrease of 2.4% in September 2007. The increase this month was due to increases in construction of dwellings for rent or resale (up $119m, 22.6%) and purchase of dwellings by others for rent or resale (up $79m, 10.5%), slightly offset by a decrease in purchase of dwellings by individuals for rent or resale (down $3m, 0.1%). The trend series in total value of investment housing commitments decreased by 1.4% in October 2007.

INVESTMENT HOUSING - TOTAL
Graph: Investment  Housing - Total




Number of Owner Occupied Dwellings Financed

The number of owner occupied housing commitments (seasonally adjusted) decreased by 0.7% (down 463) in October 2007 compared with September 2007, following a decrease of 2.0% in September 2007. Decreases were recorded in refinancing of established dwellings (down 707, 3.9%) and purchase of new dwellings (down 278, 9.4%), partially offset by increases in purchase of established dwellings excluding refinancing (up 401, 1.1%) and construction of dwellings (up 121, 2.6%). The number of owner occupied housing commitments (trend) decreased 0.9% in October 2007.


The number of owner occupied housing commitments (seasonally adjusted) decreased in October 2007 compared with September 2007 in Queensland (down 403, 2.7%), Western Australia (down 268, 3.2%), Victoria (down 59, 0.4%) and South Australia (down 42, 0.8%). Increases were recorded in New South Wales (up 192, 1.1%), the Australian Capital Territory (up 62, 7.9%), Tasmania (up 55, 4.5%) and the Northern Territory (up 14, 2.8%). The trend estimates increased in the Northern Territory, while all other states and the Australian Capital Territory recorded decreases.


In original terms, the number of first home buyer commitments as a percentage of total owner occupied housing finance commitments increased from 17.7% in September 2007 to 18.7% in October 2007. The number of fixed rate loan commitments as a percentage of total owner occupied housing finance commitments rose from 19.2% in September 2007 to 21.0% in October 2007. The average loan size for owner occupied housing commitments rose from $239,400 in September 2007 to $240,300 in October 2007.

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) increased by 0.5% in October 2007 compared with September 2007, following a decrease of 2.0% in September 2007. The trend fell 0.7% in October 2007.

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) increased by 2.6% in October 2007 compared with September 2007, following an increase of 1.4% in September 2007. The trend rose 1.1% in October 2007.

Graph: Construction of dwellings



Purchase of new dwellings

The number of finance commitments for the purchase of new dwellings for owner occupation (seasonally adjusted) fell by 9.4% in October 2007, following a decrease of 3.4% in September 2007. The trend series fell by 2.1% in October 2007.

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 by 0.6% in October 2007, following a decrease of 2.2% in September 2007. The trend series decreased by 1.1% in October 2007.

Graph: Purchase of established dwellings including refinancing



Refinancing

The number of refinancing commitments for owner occupied housing (seasonally adjusted) fell by 3.9% in October 2007 compared with September 2007, following a decrease of 2.0% in September 2007. The trend series fell by 1.5% in October 2007; the twelfth consecutive monthly decrease.

Graph: Refinancing



TYPE OF LENDER (OWNER OCCUPATION)

Banks

The number of owner occupied dwellings financed by banks (seasonally adjusted) increased by 2.3% in October 2007 compared with September 2007, after a decrease of 0.2% in September 2007. The trend series fell by 0.1% in October 2007; the fifth consecutive monthly decrease.

Graph: Banks



Non-banks

The number of owner occupied dwellings financed by non-banks (seasonally adjusted) decreased by 13.5% in October 2007 compared with September 2007, after a decrease of 8.8% in September 2007. This fall was driven by a decrease of 20.3% in financing by wholesale lenders n.e.c. . The trend series in the number of owner occupied dwellings financed by non-banks decreased by 4.7% in October 2007.

Graph: Non-banks



HOUSING LOAN OUTSTANDINGS

At the end of October 2007, the value of outstanding housing loans financed by authorised deposit-taking institutions was $674,173m, up $10,704m (1.6%) from the September 2007 closing balance. Owner occupied housing loans increased by $7,772m (1.7%) to $455,318m and investment housing loans increased by $2,932m (1.4%) to $218,855m.


Bank loans increased by $10,059m (1.6%) during October to reach a closing balance of $634,521m. Owner occupied housing loans of banks increased by $7,291m (1.8%) to $423,708m and investment housing loans increased by $2,768m (1.3%) to $210,813m.


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