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5609.0 - Housing Finance, Australia, Feb 2006  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 07/04/2006  Reissue
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This publication (PDF) has been revised, as Table 10 incorrectly contained data for January 2006 rather than February 2006. No other data has been affected.



FEBRUARY KEY FIGURES

Trend estimates
Seasonally adjusted estimates
Feb 2006
Jan 2006 to Feb 2006
Feb 2006
Jan 2006 to Feb 2006

Value of dwelling commitments(a)
$m
% change
$m
% change
Total dwellings
18 867
0.6
18 915
2.2
Owner occupied housing
12 981
0.4
13 022
2.3
Investment housing - fixed loans(b)
5 886
1.1
5 893
2.0
Number of dwelling commitments(a)
no.
% change
no.
% change
Owner occupied housing
59 050
0.2
59 091
1.1
Construction of dwellings
4 534
1.0
4 598
1.9
Purchase of new dwellings
2 590
0.5
2 646
7.1
Purchase of established dwellings
51 926
0.1
51 847
0.8

(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



FEBRUARY KEY POINTS


TREND ESTIMATES

FEBRUARY 2006 COMPARED WITH JANUARY 2006:

  • Total value of dwelling finance commitments excluding alterations and additions increased by 0.6%, the eighth consecutive monthly increase. The value of owner occupied housing commitments increased by 0.4%, while the value of investment housing commitments rose by 1.1%.
  • The number of commitments for owner occupied housing finance increased by 0.2%, while the number excluding refinancing rose by 0.4%.


SEASONALLY ADJUSTED ESTIMATES

FEBRUARY 2006 COMPARED WITH JANUARY 2006:
  • Total value of dwelling finance commitments excluding alterations and additions rose by 2.2%. Owner occupied housing commitments increased by 2.3%. Investment housing commitments increased by 2.0%, driven primarily by a large increase in the volatile construction of dwellings for rent or resale (up $116m, 20.3%) series.
  • The number of commitments for owner occupied housing finance rose by 1.1%, while the number excluding refinancing rose by 1.2%.


ORIGINAL ESTIMATES
  • The number of first home buyer commitments as a percentage of total owner occupied housing finance commitments decreased from 18.6% in January 2006 to 17.9% in February 2006.


NOTES

FORTHCOMING ISSUES

ISSUE Release Date
March 2006 12 May 2006
April 2006 6 June 2006
May 2006 11 July 2006
June 2006 9 August 2006
July 2006 8 September 2006
August 2006 11 October 2006



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) rose by 2.2% in February 2006 compared with January 2006. The trend series for total value of dwelling finance commitments increased by 0.6% in February 2006, the eighth consecutive monthly increase.


The total value of owner occupied housing commitments (seasonally adjusted) rose by 2.3% (up $289m) in February 2006 compared with January 2006, following a decrease of 1.4% in January 2006. Increases were recorded in purchase of established dwellings excluding refinancing (up $113m, 1.5%), refinancing of established dwellings (up $99m, 2.8%), purchase of new dwellings (up $57m, 9.3%) and construction of dwellings (up $19m, 1.8%). The trend series in the value of owner occupied commitments increased by 0.4% in February 2006, continuing a run of increases since April 2004.


The total value of investment housing commitments (seasonally adjusted) increased by 2.0% (up $117m) in February 2006 compared with January 2006, following a decrease of 1.3% in January 2006. The increase this month was due to increases in construction of dwellings for rent or resale (up $116m, 20.3%) and purchase of dwellings for rent or resale by others (up $32m, 7.4%) more than offsetting a small decrease in purchase of dwellings for rent or resale by individuals (down $32m, -0.7%). The trend series in total value of investment housing commitments increased by 1.1% in February 2006, the seventh consecutive 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 1.1% (up 660) in February 2006 compared with January 2006, following a fall of 0.4% in January 2006. Increases were recorded in purchase of established dwellings excluding refinancing (up 249, 0.7%), purchase of new dwellings (up 176, 7.1%), refinancing of established dwellings (up 151, 0.9%) and construction of dwellings (up 84, 1.9%). The number of owner occupied housing commitments (trend) rose by 0.2% in February 2006.

Graph: Number of Owner Occupied Dwellings Financed


Increases in the number of owner occupied housing commitments (seasonally adjusted) in February 2006 compared with January 2006 were recorded in South Australia (up 395, 8.7%), Queensland (up 342, 2.7%), Western Australia (up 335, 3.8%), Victoria (up 98, 0.7%), Tasmania (up 55, 4.8%) and Northern Territory (up 37, 5.5%). Decreases were recorded in New South Wales (down 216, -1.3%) and Australian Capital Territory (down 20, -3.2%). The trend increased in all states and territories except New South Wales, Northern Territory and Australian Capital Territory.


In original terms, the number of first home buyer commitments as a percentage of total owner occupied housing finance commitments fell from 18.6% in January 2006 to 17.9% in February 2006. The average loan size for owner occupied housing commitments remained steady in February 2006 at $216,900.


Number of Owner Occupied Dwellings Financed Excluding Refinancing

The number of owner occupied housing commitments excluding refinancing (seasonally adjusted) increased by 1.2% in February 2006 compared with January 2006, following a revised fall of 0.3% in January 2006. The trend increased by 0.4% in February 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 by 1.9% in February 2006 compared with January 2006, following an increase of 1.6% in January 2006. The trend series increased by 1.0% in February 2006, the fifth consecutive monthly increase.

Graph: Construction of dwellings (OWNER OCCUPATION)


Purchase of new dwellings

The number of finance commitments for the purchase of new dwellings for owner occupation (seasonally adjusted) rose by 7.1% in February 2006 compared with January 2006, following a fall of 3.3% in January 2006. The trend series rose by 0.5% in February 2006.

Graph: Purchase of new dwellings (OWNER OCCUPATION)


Purchase of established dwellings (including refinancing)

The number of established dwelling for owner occupation (seasonally adjusted) rose by 0.8% in February 2006 compared with January 2006, following a revised fall of 0.4% in January 2006. The trend rose by 0.1% in February 2006, the ninth consecutive monthly increase but at a decelerating rate for the fifth successive month.

Graph: Purchase of established dwellings including refinancing (OWNER OCCUPATION)


Refinancing

The number of refinancing commitments for owner occupied housing (seasonally adjusted) rose by 0.9% in February 2006 compared with January 2006, the first rise following four consecutive monthly decreases. The trend series fell by 0.3% in February 2006, the third consecutive monthly decrease.

Graph: Refinancing (OWNER OCCUPATION)



TYPE OF LENDER (OWNER OCCUPATION)

Banks

The number of owner occupied dwellings financed by banks (seasonally adjusted) increased by 0.2% in February 2006 compared with January 2006, after remaining steady in January 2006. The trend series rose by 0.3% in February 2006, continuing a run of increases since June 2004 but at a decelerating rate for the fifth consecutive month.

Graph: Type of lender for owner occupation - Banks


Non-banks

The number of owner occupied dwellings financed by non-banks (seasonally adjusted) increased by 4.4% in February 2006 compared with January 2006, following six decreases in the previous seven months. The non-bank trend series fell by 0.3% in February 2006, the fifth consecutive monthly decrease.

Graph: Type of lender for owner occupation - Non-Banks



HOUSING LOAN OUTSTANDINGS

At the end of February 2006, housing loans outstanding of authorised deposit-taking institutions was $573,955m, up $3,376m (0.6%) from January's closing balance. Owner occupied housing loans increased by $2,700m (0.7%) to close at $385,145m, while investment housing loans outstanding increased by $676m (0.4%) to reach a closing balance of $188,810m.


Bank loans increased by $3,279m (0.6%) during February to a closing stock of $541,338m. Owner occupied housing loans of banks increased by $2,317m (0.7%) to $358,762m, while investment housing loans increased $962m (0.5%) to $182,576m.


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