SUMMARY OF FINDINGS
HOUSING FINANCE FOR OWNER OCCUPATION
The trend series for the total value of owner occupied housing commitments excluding alterations and additions increased 2.5% and the seasonally adjusted series rose 2.3%.
For further information, please refer to Housing Finance, Australia (cat. no. 5609.0), which was released on 11 March 2009.
In trend terms, the value of total personal finance increased 0.6% in January 2009 compared with December 2008. Increases were recorded for revolving credit commitments (up 0.8%) and fixed lending commitments (up 0.2%).
In seasonally adjusted terms, the value of total personal finance commitments increased 1.4% in January 2009. Revolving credit commitments increased 3.4%, while fixed lending commitments decreased 1.1%.
In original terms, fixed lending commitments decreased 10.7% (down $301m ) in January 2009 compared with December 2008.
Movements in the original series contributing to this decrease were:
- Refinancing, down $112m (15.4%)
- Individual residential blocks of land, down $86m (20.8%)
- Total motor vehicles, down $44m (5.6%)
The trend series for the value of total commercial finance commitments decreased 0.4% in January 2009 compared with December 2008. Fixed lending commitments fell 2.0%, while revolving credit commitments rose 2.3%.
The seasonally adjusted series for the value of total commercial finance commitments increased 6.5% in January 2009 compared with December 2008. This was due to a rise in revolving credit commitments (up 14.7%). Fixed lending commitments also rose 1.2%.
The value of purchases of dwellings by individuals for rent or resale (trend) decreased 0.5% in January 2009, after a revised decrease of 0.6% in December 2008. The seasonally adjusted series fell 3.2% in January 2009.
PURCHASE OF DWELLINGS BY INDIVIDUALS FOR RENT OR RESALE
The value of lease finance commitments (trend) decreased 2.0% in January 2009 and the seasonally adjusted series decreased 17.4%.