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5609.0 - Housing Finance, Australia, Oct 2011 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 12/12/2011   
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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 October 2011 compared with September 2011, while the seasonally adjusted series fell 2.5% in October 2011.

The total value of owner occupied housing commitments (trend) was flat, (up $5m, 0.0%) in October 2011, following a rise of 0.5% in September 2011. A rise was recorded in commitments for the purchase of established dwellings (up $20m, 0.2%), while falls were recorded in the construction of dwellings (down $13m, 1.0%) and the purchase of new dwellings (down $2m, 0.4%). The seasonally adjusted series for the value of owner occupied commitments fell 1.2% in October 2011.

The total value of investment housing commitments (trend) was flat, (down $4m, 0.0%) in October 2011 compared with September 2011. A fall was recorded in commitments for the construction of dwellings for rent or resale (down $10m, 2.1%), while rises were recorded for the purchase of dwellings by others for rent or resale (up $5m, 0.9%) and the purchase of dwellings by individuals for rent or resale (up $1m, 0.0%). The value of investment housing commitments seasonally adjusted fell 5.5% in October 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 366, 0.7%) in October 2011 compared with September 2011. Rises were recorded in commitments for the purchase of established dwellings excluding refinancing (up 236, 0.9%), the refinancing of established dwellings (up 145, 0.8%), the purchase of new dwellings (up 9, 0.4%), while the construction of dwellings fell (down 24, 0.5%). As a proportion of all owner occupied housing commitments, refinancing of established dwellings commitments rose to 34.3% in October 2011, compared with 30.5% in October 2010. The seasonally adjusted estimate for the total number of owner occupied housing commitments rose (up 342, 0.7%) in October 2011.

Graph: Number of Owner Occupied Dwellings Financed


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

Between September 2011 and October 2011, the number of owner occupied housing commitments (trend) rose in New South Wales (up 242, 1.5%), South Australia (up 23, 0.6%), Western Australia (up 18, 0.3%) and the Northern Territory (up 5, 1.5%), while falls were recorded in Victoria (down 77, 0.6%), the Australian Capital Territory (down 15, 1.5%), Tasmania (down 5, 0.6%) and Queensland was flat (down 4, 0.0%). The seasonally adjusted estimates rose in New South Wales (up 214, 1.3%), Western Australia (up 80, 1.3%) and the Northern Territory (up 14, 4.3%), while falls were recorded in Victoria (down 219, 1.6%), Queensland (down 145, 1.6%), South Australia (down 51, 1.3%), the Australian Capital Territory (down 40, 4.2%) and Tasmania (down 8, 0.9%).


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 17.9% in October 2011 from 16.4% in September 2011. Between September 2011 and October 2011, the average loan size for first home buyers fell $900 to $280,200. The average loan size for all owner occupied housing commitments fell $2,300 to $282,100 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 0.7% in October 2011 compared with September 2011, following a rise of 0.9% in September 2011. The seasonally adjusted series rose 2.0% in October 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 0.5% in October 2011 compared with September 2011, following a fall of 0.4% in September 2011. The seasonally adjusted series fell 1.7% in October 2011, following a fall of 0.5% in September 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 0.4% in October 2011 compared with September 2011, following a rise of 1.1% in September 2011. The seasonally adjusted series rose 0.1% in October 2011, after a fall of 0.7% in September 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 0.9% in October 2011 compared with September 2011, following a rise of 1.3% in September 2011. The seasonally adjusted series rose 0.9% in October 2011, following a rise of 2.3% in September 2011.

Graph: Purchase of established dwellings including refinancing


Refinancing (Tables 1 & 2)

The number of refinancing commitments for owner occupied housing (trend) rose 0.8% in October 2011 compared with September 2011, following a rise of 1.7% in September 2011 and 2.2% in August 2011. The seasonally adjusted series fell 1.8% in October 2011, after a rise of 3.9% in September 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 0.9% in October 2011 compared with September 2011, following a rise of 1.4% in September 2011 and 1.7% rise in August 2011. The seasonally adjusted series rose 0.7% in October 2011.

Graph: Banks


Non-banks (Tables 3 & 4)

The number of commitments for owner occupied dwellings financed by non-banks (trend) fell 1.2% in October 2011, following a fall of 1.1% in September and a fall of 1.4% in August 2011. The seasonally adjusted series fell 0.2% in October 2011, after a rise of 1.1% in September 2011. The number of commitments for owner occupied dwellings financed by permanent building societies (trend) rose 0.2% in October 2011. The seasonally adjusted series fell 0.3% in October 2011.

Graph: Non-banks


HOUSING LOAN OUTSTANDINGS

(Table 12)

At the end of October 2011, the value of outstanding housing loans financed by authorised deposit-taking institutions (ADIs) was $1,123,858m, up $5,855m (0.5%) from the September 2011 closing balance. Owner occupied housing loan outstandings financed by ADIs rose $4,379m (0.6%) to $788,120m and investment housing loans financed by ADIs rose $1,476m (0.4%) to $335,738m.

Bank housing loan outstandings rose $6,453m (0.6%) during October 2011 to reach a closing balance of $1,068,112m. Owner occupied housing loan outstandings of banks rose $4,819m (0.7%) to $742,956m and investment housing loan outstandings of banks rose $1,634m (0.5%) to $325,156m.


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