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5609.0 - Housing Finance for Owner Occupation, Australia, Nov 2003  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 19/01/2004   
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NOVEMBER KEY FIGURES



Nov
Oct 2003 to
2003
Nov 2003
no.
% change

TREND ESTIMATES
Total number of dwelling commitments
61,060
0.4
Construction of dwellings
5,573
–0.3
Purchase of new dwellings
1,711
0.6
Purchase of established dwellings(a)
53,776
0.4
SEASONALLY ADJUSTED ESTIMATES
Total number of dwelling commitments
58,894
–3.9
Construction of dwellings
5,420
–5.1
Purchase of new dwellings
1,702
–0.5
Purchase of established dwellings(a)
51,772
–3.9

(a) Includes refinancing.


Housing finance, Number of dwellings
Number of dwellings, Trend estimates, % change
NOVEMBER KEY POINTS


TREND ESTIMATES
  • Growth in the trend series for the number of housing finance commitments eased further to a 0.4% increase in November 2003, while the trend series excluding refinancing of existing loans fell by 0.8%. The trend series for the value of commitments increased by 0.8%.
  • The construction finance trend series recorded a decrease of 0.3% in November 2003,while the trend for the purchase of new dwellings increased by 0.6%. The trend in finance commitments for the purchase of established dwellings eased further to an increase of 0.4% in November 2003, while the refinancing trend increased by 2.8%.

SEASONALLY ADJUSTED ESTIMATES
  • The seasonally adjusted total housing finance series decreased by 3.9% in November 2003, driven by decreases in commitments for the purchase of established dwellings excluding refinancing (down 6.2%), commitments for the construction of dwellings(down 5.1%) and commitments for the purchase of new dwellings (down 0.5%). Although the growth in refinancing commitments slowed to an increase of 0.4% in November 2003, a record 32.7% of all finance approvals were for refinancing an existing loan. All lender types showed decreases in total housing commitments.
  • Value of commitments fell by 3.4% in November 2003.

ORIGINAL ESTIMATES
  • A record low 13.1% of all loans were to first home buyers.
  • The percentage of fixed rate commitments (for two years or more) increased for the fifth successive month, rising to 15.2%.

NOTES


CHANGES IN THIS ISSUE

The series for total housing commitments (number and value) have been revised upwards from July 2003 to October 2003, due to revised data supplied by some lenders. Estimates for the bank series for established dwellings and refinancing are the most affected.

INVESTMENT HOUSING

The value of commitments for the construction or purchase of dwellings for rent or resale is published in the monthly Lending Finance, Australia (cat. no. 5671.0).


SUMMARY OF FINDINGS

DWELLINGS FINANCED


Number financed including refinancing

Total housing commitments (seasonally adjusted) decreased for the second consecutive month, decreasing by 3.9% in November 2003 after a fall of 1.3% in October 2003. The decrease was mainly due to the fall in the purchase of established dwellings excluding refinancing (down 2159, -6.2%). There were also falls in construction of dwellings (down 293, -5.1%) and purchases of new dwellings (down 9, -0.5%). Refinancing commitments increased slightly (up 76, 0.4%). The total housing commitments trend increased slightly in November (up 220, 0.4%).

There were decreases (seasonally adjusted) in NSW (down 640, -3.2%), Queensland (down 394, -3.1%), Victoria (down 370, -2.8%), SA (down 229, -4.4%), Tasmania (down 173, -12.9%), ACT (down 65, -7.7%), and WA (down 32, -0.4%). The only increase was for NT (up 6, 1.5%). The trend series increased in November 2003 for most states and territories, with Tasmania and the ACT being the exceptions with small decreases.

Number of dwellings financed including refinancing, treand and seasonally adjusted



In original terms, the percentage of first home buyers continued its pattern of general decline since a record high of 25.8% in July 2001, declining marginally to a record low of 13.1% in November 2003. The percentage of commitments at a fixed rate of interest (for at least two years) increased from 12.7% in October 2003 to 15.2% in November 2003, the fifth successive monthly increase.

Number financed excluding refinancing

The number of dwellings financed excluding refinancing (seasonally adjusted) decreased in November 2003 (down 2461, -5.8%), after a 2.4% fall in October. The trend series decreased by 0.8% in November.
Number of dwellings financed excluding refinancing, trend and seasonally adjusted


Value of commitments

The total value of commitments (seasonally adjusted) decreased by 3.4% in November 2003, after a decrease of 0.5% in October. The trend series eased to an increase of 0.8% in November.


PURPOSE OF FINANCE


Construction of dwellings

Construction commitments (seasonally adjusted) fell by 5.1% in November 2003,following increases in eight of the previous ten months. The trend series decreased by 0.3% in November.
Construction of dwellings, trend and seasonally ajdusted



Purchase of new dwellings

The number of finance commitments for the purchase of new dwellings (seasonally adjusted) fell by 0.5% in November 2003, after an increase of 2.3% in October. The trend series rose 0.6% in November.
Purchase of new dwellings, trend and seasonally adjusted



Purchase of established dwellings

The seasonally adjusted established dwelling finance series decreased by 3.9% (down 2083) in November 2003, the second consecutive month of decreasing commitments after five months of strong growth. The trend series growth slowed to 0.4% in November, continuing a run of increases since November 2002.
Purchase of established dwelllings, trend and seasonally adjusted

Refinancing

The number of refinancing commitments (seasonally adjusted) increased by 0.4% in November 2003, following larger increases over the previous six months. As a result, trend growth eased to 2.8%.

In November, a record 32.7% of all loans (seasonally adjusted) were for the refinancing of existing dwellings.

Number of refinancing commitments, trend and seasonally adjusted

TYPE OF LENDER

Banks

Bank finance (seasonally adjusted) decreased significantly (down 2177, -4.8%) in November after growth in nine of the previous ten months. Growth in the trend series eased to 0.3%.
Bank finance, trend and seasonally adjusted

Non-banks

Non-bank lending commitments decreased for the second consecutive month, following increases in the ten months up until September 2003. The decrease in the seasonally adjusted series for non-banks (down 208, -1.3%) was due to decreases recorded for permanent building societies (down 88, -3.8%), and wholesale lenders (down 59, -0.6%). The non-bank trend series eased to a growth of 0.6%.
Non-banks finance, trend and seasonally ajusted



FURTHER INFORMATION

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

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