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5609.0 - Housing Finance, Australia, Sep 2010 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 10/11/2010   
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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 September 2010 compared with August 2010. This is the fourth consecutive month that the trend was flat. The seasonally adjusted series rose 1.0% in September 2010.

The total value of owner occupied housing commitments (trend) rose 0.7% (up $92m) in September 2010, following a rise of 0.7% in both July and August 2010. Rises were recorded in commitments for the purchase of established dwellings (up $94m, 0.8%) and the commitments for the construction of dwellings (up $2m, 0.1%), while the purchase of new dwellings fell (down $3m, 0.5%). The seasonally adjusted series for the value of owner occupied commitments rose 0.6% in September 2010.

The total value of investment housing commitments (trend) fell 1.4% (down $95m) in September 2010 compared with August 2010, following a fall of 1.4% in both July and August 2010. Falls were recorded in commitments for the purchase of dwellings by individuals for rent or resale (down $86m, 1.5%) and the purchase of dwellings by others for rent or resale (down $18m, 2.7%), while commitments for the construction of dwellings for rent or resale rose (up $8m, 1.7%). The value of investment housing commitments seasonally adjusted rose 1.7% in September 2010.

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 345, 0.7%) in September 2010 compared with August 2010. Rises were recorded in commitments for the refinancing of established dwellings (up 231, 1.6%) and the purchase of established dwellings excluding refinancing (up 154, 0.6%), while falls were recorded in commitments for the construction of dwellings (down 34, 0.7%) and the purchase of new dwellings (down 6, 0.3%). The seasonally adjusted estimate for the total number of owner occupied housing commitments rose 1.3% in September 2010.

Graph: Number of Owner Occupied Dwellings Financed


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

Between August and September 2010, the number of owner occupied housing commitments (trend) increased in New South Wales (up 146, 1.0%), Victoria (up 94, 0.7%), Western Australia (up 12, 0.2%), South Australia (up 10, 0.3%), the Northern Territory (up 6, 1.6%), the Australian Capital Territory (up 6, 0.6%) and Tasmania (up 3, 0.4%). A fall was recorded in Queensland (down 20, 0.2%). The seasonally adjusted estimates rose in all states and territories except Victoria (down 178, 1.4%) and Queensland (down 44, 0.5%).


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 from 15.5% in August 2010 to 15.9% in September 2010. Between August and September 2010, the average loan size for first home buyers fell $3,600 to $279,600. The average loan size for all owner occupied housing commitments fell $2,600 to $285,100 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 0.3% in September 2010 compared with August 2010, following a rise of 0.1% in August 2010. The seasonally adjusted series rose 1.3% in September 2010.

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 0.7% in September 2010 compared with August 2010, following a fall of 1.6% in August 2010. The seasonally adjusted series rose 0.5% in September 2010.

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) fell 0.3% in September 2010 compared with August 2010, following a fall of 0.1% in August 2010. The seasonally adjusted series fell 3.2% in September 2010.

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 1.0% in September 2010 compared with August 2010, following a rise of 0.9% in August 2010. The seasonally adjusted series rose 1.6% in September 2010.

Graph: Purchase of established dwellings including refinancing


Refinancing (Tables 1 & 2)

The number of refinancing commitments for owner occupied housing (trend) rose 1.6% in September 2010 compared with August 2010, following a rise of 1.9% in August 2010. The seasonally adjusted series rose 1.4% in September 2010.

Graph: Refinancing


TYPE OF LENDER (OWNER OCCUPATION)

Banks (Tables 3 & 4)

The number of commitments for owner occupied dwellings financed by banks (trend) rose 0.7% in September 2010 compared with August 2010, following a rise of 0.6% in August 2010. The seasonally adjusted series rose 1.4% in September 2010.

Graph: Banks


Non-banks (Tables 3 & 4)

The number of commitments for owner occupied dwellings financed by non-banks (trend) rose 0.7% in September 2010, following a rise of 0.8% in August 2010. The seasonally adjusted series rose 0.7% in September 2010. The number of commitments for owner occupied dwellings financed by permanent building societies (trend) rose 0.2%. The seasonally adjusted series rose 1.0% in September 2010.

Graph: Non-banks


HOUSING LOAN OUTSTANDINGS

(Table 12)

At the end of September 2010, the value of outstanding housing loans financed by authorised deposit-taking institutions (ADIs) was $1,027,977m, up $5,836m (0.6%) from the August 2010 closing balance. Owner occupied housing loan outstandings financed by ADIs rose $4,134m (0.6%) to $716,651m and investment housing loans financed by ADIs rose $1,702m (0.5%) to $311,326m.

Bank housing loan outstandings rose $5,358m (0.6%) during September 2010 to reach a closing balance of $977,617m. Owner occupied housing loan outstandings of banks rose $3,641m (0.5%) to $676,364m and investment housing loan outstandings of banks rose $1,717m (0.6%) to $301,253m.


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