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5609.0 - Housing Finance, Australia, Sep 2011 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 09/11/2011   
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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) rose 0.9% in September 2011 compared with August 2011 and the seasonally adjusted series rose 1.0% in September 2011.

The total value of owner occupied housing commitments (trend) rose 0.8% (up $116m) in September 2011, following a peak of 1.8% in June 2011. Rises were recorded in commitments for the purchase of established dwellings (up $114m, 0.9%) and the purchase of new dwellings (up $8m, 1.1%), while the construction of dwellings fell (down $6m, 0.4%). The seasonally adjusted series for the value of owner occupied commitments rose 0.7% in September 2011.

The total value of investment housing commitments (trend) rose 1.0% (up $61m) in September 2011 compared with August 2011. Rises were recorded in commitments for the purchase of dwellings by individuals for rent or resale (up $42m, 0.8%), the construction of dwellings for rent or resale (up $12m, 2.4%) and the purchase of dwellings by others for rent or resale rose (up $7m, 1.2%). The value of investment housing commitments seasonally adjusted rose 1.9% in September 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 599, 1.2%) in September 2011 compared with August 2011. Rises were recorded in commitments for the refinancing of established dwellings (up 383, 2.2%), the purchase of established dwellings excluding refinancing (up 185, 0.7%), the purchase of new dwellings (up 25, 1.2%) and the construction of dwellings (up 6, 0.1%). As a proportion of all owner occupied housing commitments, refinancing of established dwellings commitments rose to 34.6% in September 2011, compared with 30.1% in September 2010. The seasonally adjusted estimate for the total number of owner occupied housing commitments rose (up 1,115, 2.2%) in September 2011.

Graph: Number of Owner Occupied Dwellings Financed


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

Between August 2011 and September 2011, the number of owner occupied housing commitments (trend) rose in New South Wales (up 237, 1.5%), Queensland (up 88, 1.0%), South Australia (up 43, 1.1%), Victoria (up 32, 0.2%), Western Australia (up 21, 0.3%), and the Northern Territory (up 4, 1.2%), while Tasmania remained flat and the Australian Capital Territory fell (down 2, 0.2%). The seasonally adjusted estimates rose in New South Wales (up 604, 3.9%), South Australia (up 277, 7.6%), the Australian Capital Territory (up 55, 6.0%) and Western Australia (up 29, 0.5%), while falls were recorded in Victoria (down 30, 0.2%), Queensland (down 20, 0.2%), Tasmania (down 19, 2.1%) and the Northern Territory (down 6, 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 rose to 16.4% in September 2011 from 15.4% in August 2011. Between September 2011 and August 2011, the average loan size for first home buyers fell $2,800 to $281,100. The average loan size for all owner occupied housing commitments fell $5,400 to $284,400 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 0.6% in September 2011 compared with August 2011, following a rise of 0.9% in August 2011. The seasonally adjusted series rose 1.0% in September 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) rose 0.1% in September 2011 compared with August 2011, following a rise of 0.2% in August 2011. The seasonally adjusted series fell 0.2% in September 2011, after a rise of 0.7% in August 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 1.2% in September 2011 compared with August 2011, following a rise of 1.9% in August 2011. The seasonally adjusted series fell 0.7% in September 2011, after a rise of 5.6% in August 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 1.3% in September 2011 compared with August 2011, following a rise of 1.7% in August 2011. The seasonally adjusted series rose 2.6% in September 2011, following a rise of 1.1% in August 2011.

Graph: Purchase of established dwellings including refinancing


Refinancing (Tables 1 & 2)

The number of refinancing commitments for owner occupied housing (trend) rose 2.2% in September 2011 compared with August 2011, following a rise of 2.8% in August 2011 and 3.3% in June 2011. The seasonally adjusted series rose 4.6% in September 2011, following a rise of 1.7% in August 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 1.4% in September 2011 compared with August 2011, following a rise of 1.9% in August 2011 and 2.3% in July 2011. The seasonally adjusted series rose 2.4% in September 2011.

Graph: Banks


Non-banks (Tables 3 & 4)

The number of commitments for owner occupied dwellings financed by non-banks (trend) fell 0.9% in September 2011. The rate of the decline has been slowing since March 2011. The seasonally adjusted series rose 0.6% in September 2011. The number of commitments for owner occupied dwellings financed by permanent building societies (trend) fell 0.8% in September 2011. The seasonally adjusted series rose 3.3% in September 2011.

Graph: Non-banks


HOUSING LOAN OUTSTANDINGS

(Table 12)

At the end of September 2011, the value of outstanding housing loans financed by authorised deposit-taking institutions (ADIs) was $1,118,003m, up $5,670m (0.5%) from the August 2011 closing balance. Owner occupied housing loan outstandings financed by ADIs rose $4,204m (0.5%) to $783,741m and investment housing loans financed by ADIs rose $1,466m (0.4%) to $334,262m.

Bank housing loan outstandings rose $7,390m (0.7%) during September 2011 to reach a closing balance of $1,061,659m. Owner occupied housing loan outstandings of banks rose $5,614m (0.8%) to $738,137m and investment housing loan outstandings of banks rose $1,776m (0.6%) to $323,522m.


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