Australian Bureau of Statistics

Rate the ABS website
ABS Home > Statistics > By Release Date
ABS @ Facebook ABS @ Twitter ABS RSS ABS Email notification service
5609.0 - Housing Finance, Australia, Oct 2005  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 06/12/2005   
   Page tools: Print Print Page Print all pages in this productPrint All RSS Feed RSS Bookmark and Share Search this Product

OCTOBER KEY FIGURES

Trend estimates
Seasonally adjusted estimates
Oct 2005
Sep 2005 to Oct 2005
Oct 2005
Sep 2005 to Oct 2005

Value of dwelling commitments(a)
$m
% change
$m
% change
Total dwellings
17 911
1.2
18 332
2.5
Owner occupied housing
12 485
1.6
12 686
1.8
Investment housing - fixed loans(b)
5 427
0.5
5 646
4.0
Number of dwelling commitments(a)
no.
% change
no.
% change
Owner occupied housing
57 431
1.2
58 378
1.1
Construction of dwellings
4 255
-0.8
4 247
-1.5
Purchase of new dwellings
2 452
2.6
2 606
9.4
Purchase of established dwellings
50 724
1.3
51 525
0.9

(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



OCTOBER KEY POINTS


TREND ESTIMATES

October 2005 compared with September 2005:

  • Total value of dwelling finance commitments excluding alterations and additions increased by 1.2%, the fourth consecutive monthly increase. The value of owner occupied housing commitments increased by 1.6%, while the value of investment housing commitments rose by 0.5%.
  • The number of commitments for owner occupied housing finance increased by 1.2%, while the number excluding refinancing rose by 1.4%.


SEASONALLY ADJUSTED ESTIMATES

October 2005 compared with September 2005:
  • Total value of dwelling finance commitments excluding alterations and additions rose by 2.5%. This increase was due to increases in the value of investment housing commitments (up 4.0%) and owner occupied housing commitments (up 1.8%).
  • The number of commitments for owner occupied housing finance increased by 1.1%, while the number excluding refinancing rose by 3.0%.


ORIGINAL ESTIMATES
  • The number of first home buyer commitments as a percentage of total owner occupied housing finance commitments rose to 18.0% in October 2005. The percentage of the number of commitments for owner-occupied housing at a fixed rate of interest (for at least two years) increased from 8.7% in September to 12.9% in October, following six consecutive monthly decreases.


NOTES

CHANGES IN THIS ISSUE

Seasonal Factors


The annual seasonal reanalysis has been undertaken on data up to September 2005. This has resulted in revisions to the seasonally adjusted and trend estimates for some series. Each year a seasonal reanalysis is performed on all time series to re-estimate and assess the appropriateness of any prior corrections which have previously been applied.


Revisions


As foreshadowed in the July 2005 issue, ABS has been undertaking quality assurance activity on housing loan outstandings associated with securitisation programs. Estimates for housing loan outstandings associated with securitisation programs in table 12 of this issue have been revised from March 2002 to June 2005. These revisions are in respect of loan outstandings only, and have not resulted in revisions to loan commitments data tabulated elsewhere in this publication.


In the last issue, data quality assurance procedures identified misreporting in the state breakdown of owner occupied housing commitments for September. The ABS estimated the state breakdown of the number and value of refinancing commitments for owner occupied housing. These estimates have been replaced with corrected reported values.



INQUIRIES

For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070 or Darren Page on (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 2.5% in October 2005. The trend series for total value of dwelling finance commitments increased by 1.2% in October, the fourth consecutive monthly increase.


The total value of owner occupied housing commitments (seasonally adjusted) increased by 1.8% (up $228m) in October 2005, following an increase of 3.7% in September. The increases in purchase of established dwellings excluding refinancing (up $220m, 3.0%) and purchase of new dwellings (up $45m, 7.6%) more than offset decreases in construction of dwellings (down $27m, -2.8%) and refinancing of established dwellings (down $9m, -0.3%). The trend series in the value of owner occupied commitments increased by 1.6% in October, continuing a run of increases since April 2004.


The total value of investment housing commitments (seasonally adjusted) rose by 4.0% (up $219m) in October 2005, following a revised increase of 4.6% in September. The increase this month was due to increases in purchase of dwellings for rent or resale by individuals (up $279m, 6.4%) and purchase of dwellings for rent or resale by others (up $15m, 3.4%) more than offsetting the decrease in construction of dwellings for rent or resale (down $75m, -12.4%). The trend series in total value of investment housing commitments increased by 0.5% in October, following a revised trend growth (up 0.2%) in September, reflecting the strength in the seasonally adjusted series over the last two months.

INVESTMENT HOUSING - TOTAL
Graph: INVESTMENT HOUSING - TOTAL



Number of Owner Occupied Dwellings Financed

The number of owner occupied housing commitments (seasonally adjusted) increased by 1.1% (up 621) in October 2005, following an increase of 4.3% in September. The increases in purchase of established dwellings excluding refinancing (up 1028, 3.1%) and purchase of new dwellings (up 223, 9.4%) more than offset decreases in refinancing of established dwellings (down 564, -3.1%) and construction of dwellings (down 66, -1.5%). The number of owner occupied housing commitments (trend) rose by 1.2% in October 2005, continuing a run of decreases since July 2004 for all but one month (May 2005).


Increases in the number of owner occupied housing commitments were recorded in seasonally adjusted terms in Western Australia (up 188, 2.3%), Victoria (up 180, 1.4%) and Australian Capital Territory (up 8, 1.2%). Decreases were recorded in South Australia (down 245, -4.9%), Queensland (down 232, -1.8%), New South Wales (down 27, -0.2%), Tasmania (down 26, -2.4%) and Northern Territory (down 18, -2.4%). The trend increased in all states and territories except Victoria and Tasmania.


In original terms, the number of first home buyer commitments as a percentage of total owner occupied housing finance commitments rose to 18.0% in October 2005. The percentage of the number of commitments for owner-occupied housing at a fixed rate of interest (for at least two years) increased from 8.7% in September to 12.9% in October.

Graph: Number of Owner Occupied Dwellings Financed


Number of Owner Occupied Dwellings Financed Excluding Refinancing

The number of owner occupied housing commitments excluding refinancing (seasonally adjusted) increased by 3.0% in October 2005, following a similar increase in September. The trend increased by 1.4% in October 2005.

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) fell by 1.5% in October 2005, following a decrease of 0.4% in September. The trend series decreased by 0.8% in October 2005, the sixth consecutive monthly decrease.

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 9.4% in October 2005, following a rise of 3.7% in September. The trend series rose by 2.6% in October 2005.

Graph: Purchase of New Dwellings


Purchase of established dwellings

The number of finance commitments for established dwellings for owner occupation (seasonally adjusted) increased by 0.9% in October 2005, following an increase of 4.7% in September. The trend rose by 1.3% in October 2005.

Graph: Purchase of established dwellings


Refinancing

The number of refinancing commitments for owner occupied housing (seasonally adjusted) fell by 3.1% in October 2005, following a rise of 7.2% in September. The trend series rose by 0.8% in October 2005.

Graph: Refinancing



TYPE OF LENDER (OWNER OCCUPATION)

Banks

The number of owner occupied dwellings financed by banks (seasonally adjusted) increased by 1.9% in October 2005, following an increase of 4.4% in September 2005. The trend series rose by 1.3% in October.

Graph: Type of Lender (Owner Occupation) - Banks


Non-banks

The number of owner occupied dwellings financed by non-banks (seasonally adjusted) decreased by 1.7% in October 2005, following an increase of 3.9% in September. The number of commitments by wholesale lenders was down 3.3%, while commitments by permanent building societies were up 3.1%. The non-bank trend series increased by 0.8% in October 2005.

Graph: Type of Lender (Owner Occupation) - Non Banks



HOUSING LOAN OUTSTANDINGS

At the end of October 2005, housing loans outstanding of authorised deposit-taking institutions was $550,828m, up $7,344m (1.4%) from September's closing balance. Owner occupied housing loans increased by $5,254m (1.4%) to close at $368,030m, while investment housing loans outstanding increased by $2,090m (1.2%) to reach a closing balance of $182,798m.


Bank loans increased by $6,934m (1.4%) during October to a closing stock of $519,114m. Owner occupied housing loans of banks increased by $4,853m (1.4%) to $342,393m, while investment housing loans increased $2,081m (1.2%) to $176,721m.


Bookmark and Share. Opens in a new window

Commonwealth of Australia 2014

Unless otherwise noted, content on this website is licensed under a Creative Commons Attribution 2.5 Australia Licence together with any terms, conditions and exclusions as set out in the website Copyright notice. For permission to do anything beyond the scope of this licence and copyright terms contact us.