SUMMARY OF FINDINGS
HOUSING FINANCE FOR OWNER OCCUPATION
The total value of owner occupied housing commitments excluding alterations and additions increased 1.7% (seasonally adjusted), while the trend series rose 0.2%.
For further information, please refer to Housing Finance, Australia (cat. no. 5609.0).
In seasonally adjusted terms, the value of total personal finance commitments fell 3.2% in August 2007 compared with July 2007. This decrease was due to a fall in both revolving credit commitments (down 5.7%) and fixed lending commitments (down 0.1%).
In trend terms, the value of total personal finance fell 0.2% in August 2007. The trend series decreased in fixed lending commitments (down 0.9%), while revolving credit commitments rose (up 0.4%).
In original terms, fixed lending commitments increased by $106m (up 3.5%) in August 2007 compared with July 2007.
Movements in the original series contributing to this increase were:
- Refinancing, up $56m (8.7%)
- Other, up $28m (3.8%)
- Individual Residential Blocks of Land, up $27m (5.5%)
The seasonally adjusted series for the value of total commercial finance commitments rose by 16.0% in August 2007. This increase was due to a rise in both fixed lending commitments (up 22.1%) and revolving credit commitments (up 5.5%).
The trend series for the value of total commercial finance commitments rose 2.0% in August 2007. This was due to a rise in fixed lending commitments (up 4.1%), while revolving credit commitments fell (down 1.8%).
The value of purchases of dwellings by individuals for rent or resale (seasonally adjusted) fell 5.9% in August 2007, after an decrease of 8.6% in July 2007. The trend series rose 0.3% in August 2007.
PURCHASE OF DWELLINGS BY INDIVIDUALS FOR RENT OR RESALE
The value of lease finance commitments (seasonally adjusted) increased by 2.3% in August 2007. The trend series for lease finance commitments fell by 1.4%.