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5609.0 - Housing Finance, Australia, Mar 2006  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 12/05/2006   
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MARCH KEY FIGURES

Trend estimates
Seasonally adjusted estimates
Mar 2006
Feb 2006 to Mar 2006
Mar 2006
Feb 2006 to Mar 2006

Value of dwelling commitments(a)
$m
% change
$m
% change
Total dwellings
18 995
0.5
19 135
1.2
Owner occupied housing
13 054
0.4
13 124
0.6
Investment housing - fixed loans(b)
5 941
0.8
6 010
2.5
Number of dwelling commitments(a)
no.
% change
no.
% change
Owner occupied housing
59 335
0.2
59 724
0.7
Construction of dwellings
4 560
0.9
4 515
-1.7
Purchase of new dwellings
2 667
1.3
2 751
3.5
Purchase of established dwellings
52 108
0.1
52 458
0.8

(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



MARCH KEY POINTS


TREND ESTIMATES

March 2006 COMPARED WITH February 2006:

  • Total value of dwelling finance commitments excluding alterations and additions increased by 0.5%, the ninth consecutive monthly increase. The value of owner occupied housing commitments increased by 0.4%, while the value of investment housing commitments rose by 0.8%.
  • The number of commitments for owner occupied housing finance increased by 0.2%, while the number excluding refinancing rose by 0.4%.


SEASONALLY ADJUSTED ESTIMATES

March 2006 COMPARED WITH February 2006:
  • Total value of dwelling finance commitments excluding alterations and additions rose by 1.2%. Owner occupied housing commitments increased by 0.6%. Investment housing commitments increased by 2.5%, driven primarily by a large increase in the volatile construction of dwellings for rent or resale series (up $100m, 14.3%).
  • The number of commitments for owner occupied housing finance rose by 0.7%, while the number excluding refinancing rose by 0.8%.


ORIGINAL ESTIMATES
  • The number of first home buyer commitments as a percentage of total owner occupied housing finance commitments increased from 17.8% in February 2006 to 18.4% in March 2006.


NOTES

FORTHCOMING ISSUES

ISSUE Release Date
April 2006 6 June 2006
May 2006 11 July 2006
June 2006 9 August 2006
July 2006 8 September 2006
August 2006 11 October 2006
September 2006 8 November 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 Glen Malam on (02) 6252 5040.



SUMMARY COMMENTARY


SUMMARY OF FINDINGS


DWELLINGS FINANCED

Value of Dwellings Financed

The total value of dwelling commitments excluding alterations and additions (seasonally adjusted) rose by 1.2% in March 2006 compared with February 2006. The trend series for total value of dwelling finance commitments increased by 0.5% in March 2006, the ninth consecutive monthly increase.


The total value of owner occupied housing commitments (seasonally adjusted) rose by 0.6% (up $84m) in March 2006, following a 2.4% rise in February 2006. Increases were recorded for purchase of established dwellings excluding refinancing (up $211m, 2.7%) and purchase of new dwellings (up $16m, 2.3%), with decreases in refinancing of established dwellings (down $136m, -3.8%) and construction of dwellings (down $7m, -0.7%). The trend series in the value of owner occupied commitments increased by 0.4% in March 2006, continuing a run of increases since April 2004.


The total value of investment housing commitments (seasonally adjusted) increased by 2.5% (up $144m) in March 2006 compared with February 2006, following an increase of 1.7% in February 2006. The increase this month was due to increases in construction of dwellings for rent or resale (up $100m, 14.3%) and purchase of dwellings for rent or resale by individuals (up $45m, 1.0%), more than offsetting a small decrease in purchase of dwellings for rent or resale by others (down $1m, -0.3%). The trend series in total value of investment housing commitments increased by 0.8% in March 2006, the eighth consecutive increase.

INVESTMENT HOUSING - TOTAL
Graph: Investment housing  - Total



Number of Owner Occupied Dwellings Financed

The number of owner occupied housing commitments (seasonally adjusted) rose by 0.7% (up 423) in March 2006 compared with February 2006, following a rise of 1.4% in February 2006. Increases were recorded in purchase of established dwellings excluding refinancing (up 317, 0.9%), purchase of new dwellings (up 93, 3.5%) and refinancing of established dwellings (up 90, 0.5%), more than offsetting a decrease in construction of dwellings (down 77, -1.7%). The number of owner occupied housing commitments (trend) rose by 0.2% in March 2006.

Graph: Number of Owner Occupied Dwellings Financed


The number of owner occupied housing commitments (seasonally adjusted) increased in March 2006 compared with February 2006 in New South Wales (up 1072, 6.6%), the Australian Capital Territory (up 183, 31.1%) and Tasmania (up 17, 1.3%). The Australian Capital Territory increased after a series of decreases beginning in December 2005. Decreases were recorded in Victoria (down 423, -3.2%), Queensland (down 164, -1.3%), South Australia (down 73, -1.5%), Western Australia (down 61, -0.7%), and Northern Territory (down 30, -4.3%). The trend estimates increased in all states and territories except Victoria, Queensland and the Northern Territory.


In original terms, the number of first home buyer commitments as a percentage of total owner occupied housing finance commitments rose from 17.8% in February 2006 to 18.4% in March 2006. The average loan size for owner occupied housing commitments increased in March 2006 to $219,600.


Number of Owner Occupied Dwellings Financed Excluding Refinancing

The number of owner occupied housing commitments excluding refinancing (seasonally adjusted) increased by 0.8% in March 2006 compared with February 2006, following a revised increase of 1.6% in February 2006. The trend increased by 0.4% in March 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) fell by 1.7% in March 2006, following an increase of 1.9% in February 2006. The trend series increased by 0.9% in March 2006, the sixth 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) rose by 3.5% in March 2006, following a 7.2% increase in February 2006. The trend series rose by 1.3% in March 2006.

Graph: Purchase of new dwellings


Purchase of established dwellings (including refinancing)

The number of finance commitments for the purchase of established dwellings for owner occupation (seasonally adjusted) rose by 0.8% in March 2006, following a revised increase of 1.1% in February 2006. The trend rose by 0.1% in March 2006, the tenth consecutive monthly increase, but at a decelerating rate for the sixth successive month.

Graph: Purchase of established dwellings (including refinancing)


Refinancing

The number of refinancing commitments for owner occupied housing (seasonally adjusted) rose by 0.5% in March 2006 compared with February 2006, the second consecutive monthly increase. The trend series fell by 0.3% in March 2006, the fourth consecutive monthly decrease.

Graph: Refinancing



TYPE OF LENDER (OWNER OCCUPATION)

Banks

The number of owner occupied dwellings financed by banks (seasonally adjusted) increased by 0.8% in March 2006 compared with February 2006, after a revised increase of 0.3% in February 2006. The trend series rose by 0.1% in March 2006, continuing a run of increases since June 2004 but at a decelerating rate for the sixth consecutive month.

Graph: Type of lender - Banks


Non-banks

The number of owner occupied dwellings financed by non-banks (seasonally adjusted) increased by 0.4% in March 2006 compared with February 2006, the second consecutive monthly increase. The non-bank trend series also increased by 0.4% in March 2006, the third consecutive monthly increase.

Graph: Type of lender - Non-banks



HOUSING LOAN OUTSTANDINGS

At the end of March 2006, the value of outstanding housing loans financed by authorised deposit-taking institutions was $573,292m, down $657m (-0.1%) from February's closing balance. Owner occupied housing loans decreased by $1124m (-0.3%) to close at $384,017m, while investment housing loans increased by $467m (0.2%) to reach a closing balance of $189,275m.


Bank loans decreased by $1,332m (-0.2%) during March to a closing stock of $540,006m. Owner occupied housing loans of banks decreased by $1,368m (-0.4%) to $357,394m, while investment housing loans increased $36m to $182,612m.


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