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5609.0 - Housing Finance, Australia, Jul 2004  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 08/09/2004   
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JULY KEY FIGURES

Trend estimates
Seasonally adjusted estimates
Jul 2004
Jun 2004 to Jul 2004
Jul 2004
Jun 2004 to Jul 2004

Value of dwelling commitments(a)
$m
% change
$m
% change
Total dwellings
15,427
0.2
15,520
3.2
Owner occupied housing
10,050
1.0
10,162
3.3
Investment housing - fixed loans(b)
5,377
-1.1
5,359
3.0
Number of dwelling commitments(a)
no.
% change
no.
% change
Owner occupied housing
48,714
-0.1
49,206
1.8
Construction of dwellings
4,697
-2.2
4,585
-2.4
Purchase of new dwellings
1,838
1.2
1,859
2.1
Purchase of established dwellings
42,179
0.1
42,762
2.2

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

Housing finance, Value of dwellings
Graph: Finance Commitments for Housing: Original, Seasonally Adjusted and Trend ($m)

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



JULY KEY POINTS


TREND ESTIMATES

  • Total value of dwelling finance commitments rose by 0.2% in July 2004, the first increase in this series since September 2003. Owner occupied housing increased by 1.0% in July 2004, the fourth consecutive month of slight increases. Investment housing decreased in July 2004 (down 1.1%) for the tenth consecutive month.
  • The number of housing finance commitments for owner occupation declined by 0.1% in July 2004, while the number excluding refinancing remained virtually unchanged.


SEASONALLY ADJUSTED ESTIMATES
  • Total value of housing finance commitments rose by 3.2% in July 2004, following decreases in the previous two months. This rise was due to increases in both investment housing commitments (up 3.0%) and owner occupied housing commitments (up 3.3%).
  • The number of housing finance commitments for owner occupied housing increased by 1.8% in July 2004, following decreases in eight of the past nine months. The number excluding refinancing increased by 2.0%


ORIGINAL ESTIMATES
  • The percentage of first home buyer commitments increased for the fourth consecutive month after the record low in March 2004, increasing to 15.3% in July 2004, reflecting changed stamp duty arrangements for first home buyers in most states.


NOTES

CHANGES IN THIS ISSUE

Incorporation of final survey data has resulted in significant revisions to dwelling commitments for June 2004. The revisions were mainly to established dwelling finance and have increased total housing finance commitments (seasonally adjusted) for June from 47,122 to 48,346.


In the May 2004 issue, estimated revisions were made for August 2003 to February 2004 for the number and value of owner occupied housing commitments by purpose and type of loan. Estimates have been replaced by final values in this issue.



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


HOUSING FINANCE SUMMARY OF FINDINGS


DWELLINGS FINANCED

Value of Dwellings Financed

The total value of dwelling commitments excluding alterations and additions (seasonally adjusted) increased by 3.2% in July 2004, following decreases in the previous two months. The total housing finance trend rose by 0.2% in July 2004, the first increase since September 2003.


The total value of owner occupied commitments (seasonally adjusted) rose by 3.3% in July 2004, following slight decreases in the previous two months. Increases in the purchase of established dwellings excluding refinancing (up 4.9%), the purchase of new dwellings (up 3.0%) and refinancing of established dwellings (up 1.7%) were offset partially by a decrease in construction of dwellings (down 1.5%). The trend series in the value of owner occupied commitments rose by 1.0% in July.


The seasonally adjusted series for value of investment housing commitments (including finance for construction and finance for rent or resale) increased by 3.0% in July 2004, after three consecutive monthly decreases. There were increases in purchase of dwellings for rent or resale by others (up 19.5%), purchase of dwellings for rent or resale by individuals (up 1.8%) and construction of dwellings for rent or resale (up 0.2%). The trend series in total value of investment commitments fell 1.1%.

INVESTMENT HOUSING - TOTAL
Graph: Investment Housing — Total



Number of Owner Occupied Dwellings Financed

The number of owner occupied dwelling commitments (seasonally adjusted) increased by 1.8% in July 2004 after a revised 1.5% decrease in June. The increase was mainly due to the purchase of established dwellings excluding refinancing (up 748, 2.7%) and refinancing of established dwellings (up 185, 1.3%). Purchase of new dwellings (up 39, 2.1%) also increased while there was a decrease in construction of dwellings (down 112, -2.4%).


The total owner occupied housing finance trend fell by 0.1% in July 2004, continuing its decline since September 2003 but at a decelerating rate for the sixth successive month.


Increases were recorded in seasonally adjusted terms in Victoria (up 584, 5.4%), WA (up 109, 1.7%), NSW (up 100, 0.7%), SA (up 57, 1.4%), NT (up 47, 10.8%) and ACT (up 3, 0.4%). These increases were partially offset by large decrease in Queensland (down 591, -5.7%) and a decrease in Tasmania (down 15, -1.4%). The trend increased in all states and territories except SA, Tasmania and WA.


In original terms, the average loan size for owner occupied housing commitments was $206,700 in July 2004, up $5000 on the previous month. First home buyer commitments as a percentage of total owner occupied housing commitments was 15.3%, the fourth consecutive monthly increase since the record low of 12.8% in March 2004. The percentage of commitments at a fixed rate of interest (for at least two years) decreased for the eighth successive month from 6.8% in June 2004 to 6.6% in July 2004.

Graph: Owner Occupied Dwellings Financed


Number of Owner Occupied Dwellings Financed Excluding Refinancing

The number of owner occupied dwellings financed excluding refinancing (seasonally adjusted) rose by 2.0% in July 2004, after a 2.5% decrease in June. The trend remained static in July after falling in the ten preceding months.

Graph: Housing Finance — Dwellings Financed — Number of Owner Occupied Dwellings Financed



PURPOSE OF FINANCE (OWNER OCCUPATION)

Construction of dwellings

The seasonally adjusted number of construction commitments for owner occupation fell by 2.4% in July 2004, after a 5.8% fall in June. The trend series fell 2.2% in July 2004, the tenth successive month of trend decline.

Graph: Housing Finance — Purpose of Finance — 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 2.1% in July 2004, after an increase of 3.5% in June 2004. The trend series rose 1.2% in July 2004, the third consecutive month of increasing trend commitments.

Graph - Housing Finance - Purchase of new dwellings


Purchase of established dwellings

The seasonally adjusted established dwelling for owner occupation series increased by 2.2% in July 2004, after decreases in eight of the nine previous months. The trend increased slightly by 0.1% in July 2004, following nine consecutive months of trend decline.

Graph: Housing Finance — Purpose of Finance  — Purchase of established dwellings


Refinancing

The number of refinancing commitments for owner occupied housing (seasonally adjusted) rose by 1.3% in July 2004, the second successive month of increasing commitments. The trend fell 0.3% in July 2004, continuing its decline since October 2003 but at a decelerating rate for the fifth successive month.

Graph: Housing Finance — Purpose of Finance — Refinancing



NUMBER OF OWNER OCCUPIED DWELLINGS FINANCED BY TYPE OF LENDER

Banks

After declines in eight of the previous nine months in seasonally adjusted terms, bank lending commitments for owner occupied housing increased by 2.5% (up 906) in July 2004. The trend increased slightly by 0.2% in July 2004, following nine consecutive months of trend decline.

Graph: Housing Finance — Type of Lender — Banks


Non-banks

Non-bank commitments for owner occupied housing (seasonally adjusted) decreased for the tenth consecutive month in July 2004, falling by 0.4%. Wholesale lenders were down 1.7% while permanent building societies were up 5.8%. The non-bank trend series fell by 1.0% in July 2004.

Graph: Housing Finance — Type of Lender — Non-banks



HOUSING LOAN OUTSTANDINGS

At the end of July 2004, housing loans outstanding of authorised deposit-taking institutions was $472 736m, up $4 942m (1.1%) from June's closing balance. Owner occupied housing loans increased by $3 156m (1.0%) to close at $313 445m, while investment housing loans outstanding increased by $1 786m (1.1%) to reach a closing balance of $159 291m.


Bank loans increased by $4 924m (1.1%) during July to a closing stock of $444 905m. Owner occupied housing loans of banks increased by $3 074m (1.1%) to $291 237m, while investment housing loans increased $1 850m (1.2%) to $153 668m.


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