5609.0 - Housing Finance, Australia, Oct 2012 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 10/12/2012   
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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) rose 1.1% in October 2012 compared with September 2012 and the seasonally adjusted series rose 1.8% in October 2012.

The total value of owner occupied housing commitments (trend) rose ($64m, 0.5%) in October 2012, following a rise ($78m, 0.6%) in September 2012. Rises were recorded in commitments for the purchase of established dwellings (up $47m, 0.4%) and commitments for the purchase of new dwellings (up $29m, 3.5%), while commitments for the construction of dwellings fell ($12m, 0.9%). The seasonally adjusted series for the total value of owner occupied housing commitments fell 0.2% in October 2012.

The total value of investment housing commitments (trend) rose ($162m, 2.2%) in October 2012 compared with September 2012. Rises were recorded in commitments for the construction of dwellings for rent or resale (up $66m, 13.2%), commitments for the purchase of dwellings by others for rent or resale (up $52m, 7.5%) and commitments for the purchase of dwellings by individuals for rent or resale (up $44m, 0.7%). The value of investment housing commitments seasonally adjusted rose 5.5% in October 2012.

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 (256, 0.6%) in October 2012, following a rise of 0.6% in each of the previous three months. Rises were recorded in commitments for the purchase of established dwellings excluding refinancing (up 246, 1.0%) and commitments for the purchase of new dwellings (up 99, 4.0%), while falls were recorded in commitments for the construction of dwellings (down 46, 0.9%) and commitments for the refinancing of established dwellings (down 43, 0.3%). The seasonally adjusted estimate for the total number of owner occupied housing commitments rose (52, 0.1%) in October 2012.

Graph: Number of Owner Occupied Dwellings Financed


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

Between October 2012 and September 2012, the number of owner occupied housing commitments (trend) rose in New South Wales (up 84, 0.6%), Queensland (up 69, 0.8%), Western Australia (up 19, 0.3%), the Northern Territory (up 11, 3.0%), Tasmania (up 7, 0.9%), Victoria (up 5, 0.0%) and South Australia (up 1, 0.0%), while the Australian Capital Territory was flat. The seasonally adjusted estimates rose in Queensland (up 111, 1.3%), South Australia (up 99, 3.4%), Western Australia (up 88, 1.3%) and the Northern Territory (up 12, 3.0%), while falls were recorded in New South Wales (down 232, 1.7%), Victoria (down 168, 1.3%), the Australian Capital Territory (down 17, 2.4%) and Tasmania (down 13, 1.7%).


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 fell to 18.7% in October 2012 from 19.4% in September 2012. Between October 2012 and September 2012, the average loan size for first home buyers fell $1,300 to $288,000. The average loan size for all owner occupied housing commitments fell $1,300 to $298,900 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) rose 1.0% in October 2012, following a rise of 1.2% in September 2012. The seasonally adjusted series fell 0.1% in October 2012, after a rise of 1.6% in September 2012.

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 October 2012, following a fall of 0.8% in September 2012. The seasonally adjusted series fell 0.3% in October 2012, following a fall of 4.6% in September 2012.

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 4.0% in October 2012, the fifth consecutive rise of 4% or more. The seasonally adjusted series rose 4.2% in October 2012, following a rise of 8.0% in September 2012.

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 0.5% in October 2012, following a rise of 0.5% in September 2012. The seasonally adjusted series fell 0.1% in October 2012, after a rise of 1.4% in September 2012.

Graph: Purchase of established dwellings including refinancing


Refinancing (Tables 1 & 2)

The number of refinancing commitments for owner occupied housing (trend) fell 0.3% in October 2012, following a fall of 0.6% in September 2012. The seasonally adjusted series rose 0.5% in October 2012, after being flat (0.0%) in September 2012.

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 October 2012, following a rise of 0.7% in September 2012. The seasonally adjusted series rose 0.1% in October 2012, following a rise of 1.0% in September 2012.

Graph: Banks


Non-banks (Tables 3 & 4)

The number of commitments for owner occupied dwellings financed by non-banks (trend) fell 0.3% in October 2012, following a fall of 0.5% in September 2012. The seasonally adjusted series rose 0.6% in October 2012, following a rise of 1.4% in September 2012. The number of commitments for owner occupied dwellings financed by permanent building societies (trend) fell 4.0% in October 2012. The seasonally adjusted series fell 10.5% in October 2012, following a fall of 6.9% in September 2012.

Graph: Non-banks


HOUSING LOAN OUTSTANDINGS

(Table 12)

At the end of October 2012, the value of outstanding housing loans financed by authorised deposit-taking institutions (ADIs) was $1,179,377m, up $6,195m (0.5%) from the September 2012 closing balance. Owner occupied housing loan outstandings financed by ADIs rose $3,770m (0.5%) to $795,384m and investment housing loan outstandings financed by ADIs rose $2,425m (0.6%) to $383,993m.

Bank housing loan outstandings rose $5,888m (0.5%) during October 2012 to reach a closing balance of $1,129,405m. Owner occupied housing loan outstandings of banks rose $3,927m (0.5%) to $755,211m and investment housing loan outstandings of banks rose $1,961m (0.5%) to $374,194m.