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5609.0 - Housing Finance, Australia, Sep 2007  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 07/11/2007   
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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) decreased 2.7% in September 2007 compared with August 2007. The trend series for total value of dwelling finance commitments decreased by 0.7% in September 2007


The total value of owner occupied housing commitments (seasonally adjusted) fell by 2.5% (down $379m) in September 2007, following a 1.0% rise in August 2007. The decrease this month was due to a fall in purchase of established dwellings excluding refinancing (down $286m, 3.0%), refinancing of established dwellings (down $85m, 2.2%) and purchase of new dwellings (down $31m, 3.6%) while construction of dwellings rose (up $24m, 2.1%). The trend series in the value of owner occupied commitments decreased by 0.7% in September 2007.


The total value of investment housing commitments (seasonally adjusted) decreased by 3.3% (down $232m) in September 2007 compared with August 2007, following a decrease of 2.2% in August 2007. The decrease this month was due to falls in purchase of dwellings by individuals for rent or resale (down $181m, 3.2%), purchase of dwellings by others for rent or resale (down $27m, 3.6%) and construction of dwellings for rent or resale (down $23m, 4.3%). The trend series in total value of investment housing commitments decreased by 0.6% in September 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 2.4% (down 1,553) in September 2007 compared with August 2007, following an increase of 1.4% in August 2007. Decreases were recorded in purchase of established dwellings excluding refinancing (down 1,125, 3.0%), refinancing of established dwellings (down 389, 2.1%) and purchase of new dwellings (down 106, 3.5%), while construction of dwellings rose (up 67, 1.4%). The number of owner occupied housing commitments (trend) decreased 0.9% in September 2007.


The number of owner occupied housing commitments (seasonally adjusted) decreased in September 2007 compared with August 2007 in New South Wales (down 455, 2.5%), Queensland (down 283, 1.9%), South Australia (down 190, 3.7%), the Australian Capital Territory (down 133, 14.5%), Tasmania (down 30, 2.4%) and the Northern Territory (down 4, 0.8%). Increases were recorded in Victoria (up 116, 0.8%) and Western Australia (up 48, 0.6%). 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 17.2% in August 2007 to 17.7% in September 2007. The number of fixed rate loan commitments as a percentage of total owner occupied housing finance commitments rose from 17.1% in August 2007 to 19.2% in September 2007. The average loan size for owner occupied housing commitments rose from $239,100 in August 2007 to $239,400 in September 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) decreased by 2.5% in September 2007 compared with August 2007, following an increase of 0.4% in August 2007. The trend fell 0.8% in September 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 1.4% in September 2007 compared with August 2007, following an increase of 2.7% in August 2007. The trend rose 0.5% in September 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 3.5% in September 2007, following an increase of 0.1% in August 2007. The trend series fell by 0.4% in September 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 2.7% in September 2007, following an increase of 1.3% in August 2007. The trend series decreased by 1.1% in September 2007.

Graph: Purchase of established dwellings including refinancing



Refinancing

The number of refinancing commitments for owner occupied housing (seasonally adjusted) fell by 2.1% in September 2007 compared with August 2007, following an increase of 3.9% in August 2007. The trend series fell by 1.3% in September 2007, the eleventh consecutive monthly decrease.

Graph: Refinancing



TYPE OF LENDER (OWNER OCCUPATION)

Banks

The number of owner occupied dwellings financed by banks (seasonally adjusted) decreased by 0.4% in September 2007 compared with August 2007, after an increase of 2.0% in August 2007. The trend series fell by 0.7% in September 2007.

Graph: Banks



Non-banks

The number of owner occupied dwellings financed by non-banks (seasonally adjusted) decreased by 10.1% in September 2007 compared with August 2007, after a decrease of 0.9% in August 2007. This fall was driven by a decrease of 12.6% in financing by wholesale lenders n.e.c. The trend series in the number of owner occupied dwellings financed by non-banks decreased by 2.0% in September 2007.

Graph: Non-banks



HOUSING LOAN OUTSTANDINGS

At the end of September 2007, the value of outstanding housing loans financed by authorised deposit-taking institutions was $663,365m, up $7,013m (1.1%) from the August 2007 closing balance. Owner occupied housing loans increased by $5,303m (1.2%) to $447,432m, while investment housing loans increased by $1,710m (0.8%) to $215,933m.


Bank loans increased by $6,372m (1.0%) during September to reach a closing balance of $624,462m. Owner occupied housing loans of banks increased by $4,764m (1.2%) to $416,417m while investment housing loans increased by $1,608m (0.8%) to $208,045m.


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