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5609.0 - Housing Finance, Australia, May 2006  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 11/07/2006   
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MAY KEY FIGURES

Trend estimates
Seasonally adjusted estimates
May 2006
Apr 2006 to May 2006
May 2006
Apr 2006 to May 2006

Value of dwelling commitments(a)
$m
% change
$m
% change
Total dwellings
19 644
1.2
20 099
4.5
Owner occupied housing
13 622
1.3
13 973
4.4
Investment housing - fixed loans(b)
6 022
1.0
6 126
4.9
Number of dwelling commitments(a)
no.
% change
no.
% change
Owner occupied housing
61 268
1.0
62 768
4.7
Construction of dwellings
4 491
-0.2
4 480
1.2
Purchase of new dwellings
2 869
2.5
2 947
5.6
Purchase of established dwellings
53 908
1.1
55 341
5.0

(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



MAY KEY POINTS


TREND ESTIMATES

MAY 2006 COMPARED WITH APRIL 2006:

  • Total value of dwelling finance commitments excluding alterations and additions increased by 1.2%, the eleventh consecutive monthly increase. The value of owner occupied housing commitments increased by 1.3%, while the value of investment housing commitments rose by 1.0%.
  • The number of commitments for owner occupied housing finance increased by 1.0%, while the number excluding refinancing rose by 1.1%.


SEASONALLY ADJUSTED ESTIMATES

MAY 2006 COMPARED WITH APRIL 2006:
  • Total value of dwelling finance commitments excluding alterations and additions increased 4.5%. Owner occupied housing commitments increased by 4.4%. Investment housing commitments increased by 4.9%, driven primarily by a large increase in purchases for rent or resale by individuals (up $333m, 7.0%).
  • The number of commitments for owner occupied housing finance rose by 4.7%, while the number excluding refinancing increased by 4.8%.


ORIGINAL ESTIMATES
  • The number of first home buyer commitments as a percentage of total owner occupied housing finance commitments decreased from 18.8% in April 2006 to 17.4% in May 2006.


NOTES

FORTHCOMING ISSUES

ISSUE Release Date
June 2006 9 August 2006
July 2006 8 September 2006
August 2006 11 October 2006
September 2006 8 November 2006
October 2006 8 December 2006
November 2006 15 January 2007



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) increased 4.5% in May 2006 compared with April 2006. The trend series for total value of dwelling finance commitments increased by 1.2% in May 2006, the eleventh consecutive monthly increase.


The total value of owner occupied housing commitments (seasonally adjusted) rose by 4.4% (up $584m) in May 2006, following a revised 1.7% rise in April 2006. Increases were recorded for purchase of established dwellings excluding refinancing (up $346m, 4.2%), refinancing of established dwellings ($167m, 4.8%), purchase of new dwellings (up $48m, 6.6%) and construction of dwellings (up $23m, 2.4%). The trend series in the value of owner occupied commitments increased by 1.3% in May 2006, continuing a run of increases since April 2004.


The total value of investment housing commitments (seasonally adjusted) increased by 4.9% (up $287m) in May 2006 compared with April 2006, following a revised decrease of 1.9% in April 2006. The increase this month was due to a rise in purchase of dwellings for rent or resale by individuals (up $333m, 7.0%) more than offsetting decreases in construction of dwellings for rent or resale (down $37m, -6.5%) and purchase of dwellings for rent or resale by others (down $10m, -1.9%). The trend series in total value of investment housing commitments increased by 1.0% in May 2006, the tenth consecutive monthly 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 4.7% (up 2,823) in May 2006 compared with April 2006, following a revised rise of 0.1% in April 2006. Increases were recorded in purchase of established dwellings excluding refinancing (up 1,818, 5.2%), refinancing of established dwellings (up 796, 4.5%), purchase of new dwellings (up 155, 5.6%) and construction of dwellings (up 54, 1.2%). The number of owner occupied housing commitments (trend) rose by 1.0% in May 2006.

Graph: Number of Owner Occupied Dwellings Financed


The number of owner occupied housing commitments (seasonally adjusted) increased in May 2006 compared with April 2006 in Victoria (up 1035, 7.9%), Queensland (up 575, 4.4%), New South Wales (up 357, 2.0%), South Australia (up 301, 6.1%), Western Australia (up 76, 0.8%), and the Australian Capital Territory (up 26, 4.2%). Decreases were recorded in the Northern Territory (down 35, -5.2%) and Tasmania (down 13, -1.1%). The trend estimates increased in all states and territories except the Northern Territory.


In original terms, the number of first home buyer commitments as a percentage of total owner occupied housing finance commitments fell from 18.8% in April 2006 to 17.4% in May 2006. The average loan size for owner occupied housing commitments increased in May 2006 to $222,200.


Number of Owner Occupied Dwellings Financed Excluding Refinancing

The number of owner occupied housing commitments excluding refinancing (seasonally adjusted) increased by 4.8% in May 2006 compared with April 2006, following a revised increase of 0.2% in April 2006. The trend increased by 1.1% in May 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 1.2% in May 2006, following a revised decrease of 1.4% in April 2006. The trend series decreased by 0.2% in May 2006.

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 5.6% in May 2006, following a revised 1.1% increase in April 2006. The trend series rose by 2.5% in May 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 5.0% in May 2006, following a revised increase of 0.2% in April 2006. The trend rose by 1.1% in May 2006, the twelfth consecutive monthly increase.

Graph: Purchase of established dwelling (including refinancing)


Refinancing

The number of refinancing commitments for owner occupied housing (seasonally adjusted) rose by 4.5% in May 2006 compared with April 2006, following a revised decrease of 0.2% in April 2006. The trend series rose by 1.0% in May 2006.

Graph: Refinancing



TYPE OF LENDER (OWNER OCCUPATION)

Banks

The number of owner occupied dwellings financed by banks (seasonally adjusted) increased by 5.2% in May 2006 compared with April 2006, after a revised increase of 0.5% in April 2006. The trend series rose by 1.1% in May 2006, continuing a run of increases since June 2004.

Graph: Banks


Non-banks

The number of owner occupied dwellings financed by non-banks (seasonally adjusted) increased by 3.1% in May 2006 compared with April 2006, after a revised decrease of 1.5% in April 2006. The non-bank trend series increased by 0.9% in May 2006, the fifth consecutive monthly increase.

Graph: Non-Banks



HOUSING LOAN OUTSTANDINGS

At the end of May 2006, the value of outstanding housing loans financed by authorised deposit-taking institutions was $582,688m, up $5,423m (0.9%) from April's closing balance. Owner occupied housing loans increased by $3,313m (0.9%) to close at $390,679m, while investment housing loans increased by $2,110m (1.1%) to reach a closing balance of $192,009m.


Bank loans increased by $4,963m (0.9%) during May to a closing stock of $548,931m. Owner occupied housing loans of banks increased by $2,944m (0.8%) to $363,684m, while investment housing loans increased $2,019m (1.1%) to $185,247m.


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