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5609.0 - Housing Finance, Australia, Nov 2004  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 17/01/2005   
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NOVEMBER KEY FIGURES

Trend estimates
Seasonally adjusted estimates
Nov 2004
Oct 2004 to Nov 2004
Nov 2004
Oct 2004 to Nov 2004

Value of dwelling commitments(a)
$m
% change
$m
% change
Total dwellings
15,898
0.7
16,238
5.0
Owner occupied housing
10,519
0.9
10,668
3.4
Investment housing - fixed loans(b)
5,379
0.4
5,570
8.1
Number of dwelling commitments(a)
no.
% change
no.
% change
Owner occupied housing
50,564
0.7
51,258
2.7
Construction of dwellings
4,702
0.1
4,713
-0.3
Purchase of new dwellings
1,940
0.9
1,924
0.4
Purchase of established dwellings
43,922
0.8
44,621
3.2

(a) Includes refinancing.
(b) Excludes revolving credit.

Housing finance, Value of dwellings
Graph: Housing finance, Value of dwellings

Owner occupied housing finance, Number of dwellings
Graph: Owner occupied housing finance, Number of dwellings



NOVEMBER KEY POINTS


TREND ESTIMATES

  • Total value of dwelling finance commitments excluding alterations and additions increased by 0.7% in November 2004, the seventh consecutive monthly increase. Owner occupied housing increased by 0.9%, the eighth consecutive monthly increase. Investment housing rose by 0.4%, the second monthly increase following twelve consecutive months of decreasing commitments.
  • The number of housing finance commitments for owner occupation increased by 0.7% in November 2004, while the number excluding refinancing rose by 0.9%.


SEASONALLY ADJUSTED ESTIMATES
  • Total value of housing finance commitments rose by 5.0% in November 2004, following a fall of 2.2% in October.
  • Investment housing commitments increased by 8.1%, driven primarily by increases in the purchase of dwellings for rent or resale by individuals (up 5.5%) and the volatile series for construction of dwellings for rent or resale (up 28.2%). Owner occupied housing commitments increased by 3.4%. Increases in commitments for both investment housing and owner occupied housing were reported by most lenders.
  • The number of housing finance commitments for owner occupied housing increased by 2.7% in November 2004, the fifth consecutive monthly increase. The number excluding refinancing increased by 4.3%.


ORIGINAL ESTIMATES
  • First home buyer commitments as a percentage of total commitments increased slightly to 16.1% in November 2004.


NOTES

CHANGES IN THIS ISSUE

As part of ongoing improvements to the ABS seasonal adjustment methodology, an improved method for removing trading day effects from seasonally adjusted estimates has been introduced. Corrections for trading day effects are now applied as prior corrections to the original estimates, rather than being applied within the seasonal adjustment process. This is consistent with treatment of appropriate corrections for extremes, changes in level, changes in seasonal pattern, Easter, and other effects. This change in methodology will result in revisions to seasonally adjusted and trend estimates.



INQUIRIES

For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070 or Darren Page on Canberra (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) increased by 5.0% in November 2004, following a fall of 2.2% in October. The total housing finance trend increased by 0.7% in November 2004, the seventh consecutive month of slight increases.


The total value of owner occupied commitments (seasonally adjusted) increased by 3.4% in November 2004, following a 0.3% decrease in October. Increases in the purchase of established dwellings excluding refinancing (up 5.4%) and refinancing of established dwellings (up 1.2%) were offset partially by decreases in purchase of new dwellings (down 1.0%) and construction of dwellings (down 0.9%). The trend series for the value of owner occupied commitments rose by 0.9% in November.


The seasonally adjusted series for value of investment housing commitments (including finance for construction and finance for rent or resale) increased by 8.1% (up $416m) in November 2004, following a fall of 5.9% in October. The increase this month was due to rises in purchase of dwellings for rent or resale by individuals (up $231m, 5.5%), finance for the construction of dwellings for rent or resale (up $137m, 28.2%) and purchase of dwellings for rent or resale by others (up $48m, 10.5%). The trend series for total value of investment commitments rose by 0.4%.

INVESTMENT HOUSING - TOTAL
Graph: INVESTMENT HOUSING - TOTAL

Number of Owner Occupied Dwellings Financed

The number of owner occupied dwelling commitments (seasonally adjusted) increased by 2.7% in November 2004, the fifth consecutive monthly increase. Increases in the purchase of established dwellings excluding refinancing (up 1504, 5.3%) and purchase of new dwellings (up 7, 0.4%) more than offset decreases in refinancing of established dwellings (down 128, -0.9%) and construction of dwellings (down 15, -0.3%).


The total owner occupied housing finance trend rose by 0.7% in November 2004, the sixth consecutive monthly increase.


Increases were recorded in seasonally adjusted terms in Western Australia (up 381, 5.4%), Queensland (up 334, 3.4%), Victoria (up 250, 2.2%), New South Wales (up 209, 1.4%), South Australia (up 203, 4.6%) and Australian Capital Territory (up 2, 0.3%). These increases were partially offset by falls in Tasmania (down 25, -2.5%) and Northern Territory (down 18, -3.1%). The trend decreased in New South Wales, Tasmania and Australian Capital Territory, but increased in all other states and territories.


In original terms, first home buyer commitments as a percentage of total owner occupied housing commitments rose slightly to 16.1% in November 2004. The percentage of commitments at a fixed rate of interest (for at least two years) increased for the fourth successive month from 9.0% in October to 11.3% in November.

Graph: Owner Occupied Dwellings Financed


Number of Owner Occupied Dwellings Financed Excluding Refinancing

The number of owner occupied dwellings financed excluding refinancing (seasonally adjusted) increased by 4.3% in November 2004, after a 0.1% increase in October. The trend increased by 0.9% in November 2004, the sixth consecutive monthly increase.

Graph: Owner Occupied Dwellings Financed Excluding Refinancing



PURPOSE OF FINANCE (OWNER OCCUPATION)

Construction of dwellings

The seasonally adjusted number of construction commitments for owner occupation fell by 0.3% in November 2004, after an increase of 0.2% in October. The trend series increased by 0.1% in November, the first increase following fourteen consecutive monthly decreases.

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 0.4% in November 2004, following an increase of 1.6% in October. The trend series rose 0.9% in November 2004.

Graph: Purchase of new dwellings


Purchase of established dwellings

The seasonally adjusted established dwelling for owner occupation series increased by 3.2% in November 2004, after a 0.1% increase in October. The trend rose by 0.8% in November 2004, the sixth consecutive monthly increase.

Graph: Purchase of established dwellings


Refinancing

The number of refinancing commitments for owner occupied housing (seasonally adjusted) fell by 0.9% in November 2004, after a rise of 0.2% in October. The trend series increased by 0.3% in November, the fifth consecutive month of slight increases.

Graph: Refinancing



TYPE OF LENDER (OWNER OCCUPATION)

Banks

The number of owner occupied dwellings financed by banks (seasonally adjusted) increased by 3.0% in November 2004, after a fall of 0.1% in October. The trend series increased by 0.6% in November, the sixth consecutive month of slight increases.

Graph: Banks


Non-banks

Non-bank commitments for owner occupied housing (seasonally adjusted) increased by 2.1% in November 2004, the fifth consecutive monthly increase. Permanent building societies were up 4.6% while wholesale lenders were up 2.0%. The non-bank trend series increased by 0.9% in November 2004, the fifth consecutive monthly increase.

Graph: Non-banks



HOUSING LOAN OUTSTANDINGS

At the end of November 2004, housing loans outstanding of authorised deposit-taking institutions was $490,592m, up $6,370m (1.3%) from October's closing balance. Owner occupied housing loans increased by $4,638m (1.4%) to close at $326,136m, while investment housing loans outstanding increased by $1,732m (1.1%) to reach a closing balance of $164,456m.


Bank loans increased by $6,158m (1.4%) during November to a closing stock of $461,504m. Owner occupied housing loans of banks increased by $4,470m (1.5%) to $302,911m, while investment housing loans increased $1,688m (1.1%) to $158,593m.




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