5609.0 - Housing Finance, Australia, Jun 2016 Quality Declaration 
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 10/08/2016   
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JUNE KEY FIGURES

Trend estimates
Seasonally adjusted estimates
Jun 2016
May 2016 to Jun 2016
Jun 2016
May 2016 to Jun 2016

Value of dwelling commitments(a)(b)

$m
% change
$m
% change
Total dwellings
32 041
0.4
32 578
2.3
Owner occupied housing
20 554
0.2
20 793
1.8
Investment housing - fixed loans(c)
11 488
0.8
11 785
3.2

Number of dwelling commitments(a)(b)

no.
% change
no.
% change
Owner occupied housing
57 247
0.2
57 609
1.2
Construction of dwellings
5 745
-0.1
5 856
2.1
Purchase of new dwellings
2 677
0.6
2 739
2.7
Purchase of established dwellings
48 825
0.2
49 014
1.0

(a) Includes refinancing (see Glossary).
(b) Excludes alterations and additions.
(c) Excludes revolving credit.

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

No. of dwelling commitments, Owner occupied housing
Graph: No. of dwelling commitments, Owner occupied housing




JUNE KEY POINTS


VALUE OF DWELLING COMMITMENTS

June 2016 compared with May 2016:
  • The trend estimate for the total value of dwelling finance commitments excluding alterations and additions rose 0.4%. Investment housing commitments rose 0.8%, and owner occupied housing commitments rose 0.2%.
  • In seasonally adjusted terms, the total value of dwelling finance commitments excluding alterations and additions rose 2.3%.


NUMBER OF DWELLING COMMITMENTS

June 2016 compared with May 2016:
  • In trend terms, the number of commitments for owner occupied housing finance rose 0.2% in June 2016.
  • In trend terms, the number of commitments for the purchase of new dwellings rose 0.6%, the number of commitments for the purchase of established dwellings excluding refinancing rose 0.2%, while the number of commitments for the construction of dwellings fell 0.1%.
  • In original terms, the number of first home buyer commitments as a percentage of total owner occupied housing finance commitments rose to 14.3% in June 2016 from 14.2% in May 2016.


NOTES

FORTHCOMING ISSUES

ISSUE Release Date
July 2016 9 September 2016
August 2016 11 October 2016
September 2016 10 November 2016
October 2016 9 December 2016
November 2016 17 January 2017
December 2016 10 February 2017



REVISIONS

In this issue, improved reporting of housing, commercial and personal commitments by a significant bank for the period July 2013 to May 2016 has affected all owner occupier and investment housing statistics in all tables, including first home buyers, the first home buyer ratio and housing loan outstandings, for the period July 2013 to May 2016.

These revisions have resulted in a trend break being applied to the following series:
  • Owner Occupation (Secured Finance) - Purchase of new dwellings (number and value) in Tables 1 and 11.
  • Housing Finance Owner Occupied Total (number and value) in Tables 1 and 3.
  • Housing Finance (Owner Occupation and Investment) Total (value) in Table 11.
  • Banks (number and value) in Table 3.


FIRST HOME BUYERS

Monthly First Home Buyer statistics will be subject to revision as the modelled component is adjusted to reflect improved reporting by lenders. The ABS is currently investigating the effect of improved reporting on the model and, subject to all institutions providing improved data, expects to revise First Home Buyer statistics in coming months. The revisions will be preceded by an Information Paper explaining the changes. Information relating to changes to the method of estimating loans to first home buyers, introduced from the December 2014 issue, can be found under the First Home Buyers web page and on page 5 of the PDF. First home buyers are defined as persons entering the home ownership market as owner-occupiers for the first time. First time investors are excluded.


CHANGES IN THIS ISSUE

Market reactions to regulatory measures implemented by APRA in 2015 have resulted in increased volatility in some of the seasonally adjusted estimates included in this publication, particularly the value of finance commitments or owner occupied housing and investor housing. Care should be taken in interpreting the movements for this reference period, as the seasonally adjusted estimates may be revised in future periods. In addition, some banks have been reclassifying housing loans that originated as investment loans to owner occupied. This reclassification affects Table 12 Housing Loan Outstandings to Households only.


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INQUIRIES

For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070.