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5609.0 - Housing Finance, Australia, Oct 2009 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 09/12/2009   
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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) increased 0.3% in October 2009 compared with September 2009, while the seasonally adjusted series decreased 1.4% in October 2009.

The total value of owner occupied housing commitments (trend) rose (up $39m, 0.2%) in October 2009, following a revised increase of 0.2% in September 2009. The increases in commitments for the construction of dwellings (up $55m, 3.1%) and the purchase of new dwellings (up $8m, 1.0% ) were partially offset by a decrease in commitments for the purchase of established dwellings (down $24m, 0.2%). The seasonally adjusted series for the value of owner occupied commitments fell 1.7% in October 2009.

The total value of investment housing commitments (trend) rose 0.4% (up $23m) in October 2009 compared with September 2009, following an increase of 0.8% in September 2009. The rise in October was due to an increase in commitments for the purchase of dwellings by individuals for rent or resale (up $33m, 0.6%). Decreases were recorded for the purchase of dwellings by others for rent or resale (down $5m, 0.8%) and the construction of dwellings for rent or resale (down $5m, 1.3%). The value of investment housing commitments seasonally adjusted fell 0.6% in October 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) remained flat (up 9, 0.0%) in October 2009 compared with September 2009. Increases were recorded in commitments for the construction of dwellings (up 280, 3.9%) and the purchase of new dwellings (up 5, 0.2%), which were offset by decreases in the refinancing of established dwellings (down 233, 1.4%) and the purchase of established dwellings excluding refinancing (down 43, 0.0%). The seasonally adjusted estimates for the total number of owner occupied housing commitments fell 1.4% in October 2009.

Graph: Number of Owner Occupied Dwellings Financed


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

Between September and October 2009, the number of owner occupied housing commitments (trend) increased in: Victoria (up 80, 0.5%), Western Australia (up 78, 1.0%), and Tasmania (up 7, 0.6%). Decreases were recorded in New South Wales (down 154, 0.8%), Queensland (down 53, 0.4%), South Australia (down 24, 0.4%), the Northern Territory (down 1, 0.1%) and the Australian Capital Territory (down 1, 0.1%). The seasonally adjusted estimates decreased in all states and territories except Western Australia, Tasmania and the Northern Territory.


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 26.1% in September 2009 to 26.0% in October 2009. Between September and October 2009, the average loan size for first home buyers rose $900 to $275,500. The average loan size for all owner occupied housing commitments rose $2,500 to $272,000 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 0.5% in October 2009 compared with September 2009, following an increase of 0.6% in September 2009. The seasonally adjusted series fell 1.5% in October 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) rose 3.9% in October 2009 compared with September 2009, following an increase of 4.3% in September 2009. The seasonally adjusted series rose 9.2% to 8,016, the highest level since August 1994.

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 0.2% in October 2009 compared with September 2009, following an increase of 0.2% in September 2009. The seasonally adjusted series fell 3.9% in October 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 0.5% in October 2009 compared with September 2009, following a decrease of 0.6% in September 2009. The seasonally adjusted series fell 2.8% in October 2009.

Graph: Purchase of established dwellings including refinancing


Refinancing (Tables 1 & 2)

The number of refinancing commitments for owner occupied housing (trend) decreased 1.4% in October 2009 compared with September 2009, following a decrease of 1.7% in September 2009. The seasonally adjusted series fell 1.3% in October 2009.

Graph: Refinancing


TYPE OF LENDER (OWNER OCCUPATION)

Banks (Tables 3 & 4)

The number of owner occupied dwellings financed by banks (trend) decreased 0.1% in October 2009 compared with September 2009, after a decrease of 0.1% in September 2009. The seasonally adjusted series fell 1.2% in October 2009.

Graph: Banks


Non-banks (Tables 3 & 4)

The number of owner occupied dwellings financed by non-banks (trend) rose 0.6% in October 2009 compared with September 2009, after an increase of 0.8% in September 2009. The seasonally adjusted series for the number of owner occupied dwellings financed by non-banks decreased 3.4% in October 2009. The number of commitments for owner occupied dwellings financed by Permanent building societies (trend) decreased 6.4%. The seasonally adjusted series decreased 18.5%.

Graph: Non-banks


HOUSING LOAN OUTSTANDINGS

(Table 12)

At the end of October 2009, the value of outstanding housing loans financed by authorised deposit-taking institutions was $931,937m, up $10,482m (1.1%) from the September 2009 closing balance. Owner occupied housing loan outstandings financed by authorised deposit-taking institutions increased $7,972m (1.2%) to $651,804m and investment housing loans financed by authorised deposit-taking institutions increased $2,510m (0.9%) to $280,133m.

Bank housing loan outstandings increased $10,028m (1.1%) during October 2009 to reach a closing balance of $885,271m. Owner occupied housing loan outstandings of banks increased $7,604m (1.3%) to $613,129m and investment housing loan outstandings of banks increased $2,424m (0.9%) to $272,142m.


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