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5609.0 - Housing Finance, Australia, Jan 2006  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 10/03/2006   
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JANUARY KEY FIGURES

Trend estimates
Seasonally adjusted estimates
Jan 2006
Dec 2005 to Jan 2006
Jan 2006
Dec 2005 to Jan 2006

Value of dwelling commitments(a)
$m
% change
$m
% change
Total dwellings
18 772
0.9
18 584
-1.2
Owner occupied housing
12 959
0.7
12 802
-1.1
Investment housing - fixed loans(b)
5 813
1.4
5 782
-1.3
Number of dwelling commitments(a)
no.
% change
no.
% change
Owner occupied housing
59 138
0.4
58 702
-
Construction of dwellings
4 447
1.0
4 512
1.6
Purchase of new dwellings
2 559
0.6
2 468
-3.3
Purchase of established dwellings
52 132
0.4
51 722
-

- nil or rounded to zero (including null cells)
(a) Includes refinancing.
(b) Excludes revolving credit.

Value of dwelling commitments, Total dwellings
Graph: Value of dwelling commitments, Total dwellings

Number of dwelling commitments, Owner occupied housing
Graph: Number of dwelling commitments, Owner occupied housing



JANUARY KEY POINTS


TREND ESTIMATES

JANUARY 2006 COMPARED WITH DECEMBER 2005:

  • Total value of dwelling finance commitments excluding alterations and additions increased by 0.9%, the seventh consecutive monthly increase. The value of owner occupied housing commitments increased by 0.7%, while the value of investment housing commitments rose by 1.4%.
  • The number of commitments for owner occupied housing finance increased by 0.4%, while the number excluding refinancing rose by 0.8%.


SEASONALLY ADJUSTED ESTIMATES

JANUARY 2006 COMPARED WITH DECEMBER 2005:
  • Total value of dwelling finance commitments excluding alterations and additions fell by 1.2%. This decrease was due to decreases in owner occupied housing commitments (down 1.1%) and investment housing commitments (down 1.3%).
  • The number of commitments for owner occupied housing finance remained virtually unchanged, while the number excluding refinancing rose by 0.2%.


ORIGINAL ESTIMATES
  • The number of first home buyer commitments as a percentage of total owner occupied housing finance commitments remained steady at 18.7% in January 2006.


NOTES

FORTHCOMING ISSUES

ISSUE Release Date
February 2006 7 April 2006
March 2006 12 May 2006
April 2006 6 June 2006
May 2006 11 July 2006
June 2006 9 August 2006
July 2006 8 September 2006



CHANGES IN THIS ISSUE

There are no major changes in this issue.



INQUIRIES

For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070 or Darren Page on (02) 6252 6731.



SUMMARY COMMENTARY


SUMMARY OF FINDINGS


DWELLINGS FINANCED

Value of Dwellings Financed

The total value of dwelling commitments excluding alterations and additions (seasonally adjusted) fell by 1.2% in January 2006 compared with December 2005. The trend series for total value of dwelling finance commitments increased by 0.9% in January 2006, the seventh consecutive monthly increase.


The total value of owner occupied housing commitments (seasonally adjusted) decreased by 1.1% (down $144m) in January 2006 compared with December 2005, following an increase of 1.5% in December 2005. Decreases in purchase of established dwellings excluding refinancing (down $107m, -1.4%), refinancing of established dwellings (down $61m, -1.7%) and purchase of new dwellings (down $12m, -1.9%) more than offset an increase in construction of dwellings (up $36m, 3.6%). The trend series in the value of owner occupied commitments increased by 0.7% in January 2006, continuing a run of increases since April 2004.


The total value of investment housing commitments (seasonally adjusted) fell by 1.3% (down $77m) in January 2006 compared with December 2005, following an increase of 6.4% in December 2005. The decrease this month was due to a decrease in construction of dwellings for rent or resale (down $125m, -18.3%) more than offsetting smaller increases in purchase of dwellings for rent or resale by individuals (up $29m, 0.6%) and purchase of dwellings for rent or resale by others (up $19m, 4.6%). The trend series in total value of investment housing commitments increased by 1.4% in January 2006, the sixth consecutive increase.

INVESTMENT HOUSING - TOTAL
Graph: Investment Housing - total



Number of Owner Occupied Dwellings Financed

The number of owner occupied housing commitments (seasonally adjusted) remained virtually unchanged in January 2006 compared with December 2005, following an increase of 0.4% in December 2005. Decreases were recorded in refinancing of established dwellings (down 105, -0.6%) and purchase of new dwellings (down 85, -3.3%), while there were increases in purchase of established dwellings excluding refinancing (up 102, 0.3%) and construction of dwellings (up 71, 1.6%). The number of owner occupied housing commitments (trend) rose by 0.4% in January 2006.

Graph: Number of Owner Occupied Dwellings Financed


Decreases in the number of owner occupied housing commitments (seasonally adjusted) in January 2006 compared with December 2005 were recorded in New South Wales (down 552, -3.2%), Victoria (down 220, -1.6%), Northern Territory (down 14, -2.0%), and Australian Capital Territory (down 6, -0.9%). Increases were recorded in Western Australia (up 219, 2.5%), Tasmania (up 88, 8.3%), Queensland (up 82, 0.6%) and South Australia (up 13, 0.3%). The trend increased in all states and territories except South Australia, Northern Territory and Australian Capital Territory.


In original terms, the number of first home buyer commitments as a percentage of total owner occupied housing finance commitments remained steady at 18.7% in January 2006. The average loan size for owner occupied housing commitments decreased by $4,700 to $216,600 in January 2006, after increasing strongly in December 2005.


Number of Owner Occupied Dwellings Financed Excluding Refinancing

The number of owner occupied housing commitments excluding refinancing (seasonally adjusted) increased by 0.2% in January 2006 compared with December 2005, following a increase of 0.9% in December 2005. The trend increased by 0.8% in January 2006.

Graph: Number of Owner Occupied Dwellings Financed Excluding Refinancing



PURPOSE OF FINANCE (OWNER OCCUPATION)

Construction of dwellings

The number of construction commitments for owner occupation (seasonally adjusted) rose by 1.6% in January 2006 compared with December 2005, following an increase of 2.5% in December 2005. The trend series increased by 1.0% in January 2006, the fourth consecutive monthly increase.

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 3.3% in January 2006 compared with December 2005, following a rise of 1.3% in December 2005. The trend series rose by 0.6% in January 2006.

Graph: Purchase of new dwellings


Purchase of established dwellings (including refinancing)

The number of established dwelling for owner occupation (seasonally adjusted) remained virtually unchanged in January 2006 compared with December 2005, following a rise of 0.2% in December 2005. The trend rose by 0.4% in January 2006, the eighth consecutive monthly increase (but at a decelerating rate for the fourth successive month).

Graph: Purchase of established dwellings


Refinancing

The number of refinancing commitments for owner occupied housing (seasonally adjusted) fell by 0.6% in January 2006 compared with December 2005, the fourth consecutive month of decreases. The trend series fell by 0.4% in January 2006, the second slight decrease following thirteen consecutive monthly increases.

Graph: Refinancing



TYPE OF LENDER (OWNER OCCUPATION)

Banks

The number of owner occupied dwellings financed by banks (seasonally adjusted) increased by 0.4% in January 2006 compared with December 2005, following an increase of 0.8% in December 2005. The trend series rose by 0.7% in January 2006.

Graph: Type of Lender - Banks


Non-banks

The number of owner occupied dwellings financed by non-banks (seasonally adjusted) decreased by 1.4% in January 2006 compared with December 2005. The non-bank trend series fell by 0.7% in January 2006, the fourth consecutive monthly decrease.

Graph: Type of Lender - Non-Banks



HOUSING LOAN OUTSTANDINGS

At the end of January 2006, housing loans outstanding of authorised deposit-taking institutions was $570,578m, up $6,443m (1.1%) from December's closing balance. Owner occupied housing loans increased by $4,736m (1.3%) to close at $382,444m, while investment housing loans outstanding increased by $1,707m (0.9%) to reach a closing balance of $188,134m.


Bank loans increased by $6,211m (1.2%) during January to a closing stock of $538,059m. Owner occupied housing loans of banks increased by $4,546m (1.3%) to $356,445m, while investment housing loans increased $1,665m (0.9%) to $181,614m.


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