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5609.0 - Housing Finance, Australia, Oct 2004  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 08/12/2004   
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OCTOBER KEY FIGURES

Trend estimates
Seasonally adjusted estimates
Oct 2004
Sep 2004 to Oct 2004
Oct 2004
Sep 2004 to Oct 2004

Value of dwelling commitments(a)
$m
% change
$m
% change
Total dwellings
15,446
-0.1
15,234
-3.1
Owner occupied housing
10,249
0.3
10,205
-0.4
Investment housing - fixed loans(b)
5,198
-1.0
5,029
-8.1
Number of dwelling commitments(a)
no.
% change
no.
% change
Owner occupied housing
49,464
0.1
49,375
-0.2
Construction of dwellings
4,643
-0.6
4,698
0.4
Purchase of new dwellings
1,878
0.1
1,856
-
Purchase of established dwellings
42,943
0.1
42,821
-0.3

- nil or rounded to zero (including null cells)
(a) Includes refinancing.
(b) Excludes revolving credit.

Housing finance, Value of dwellings
Graph: Housing finance, Value of dwellings

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



OCTOBER KEY POINTS


TREND ESTIMATES

  • Total value of dwelling finance commitments decreased by 0.1% in October 2004, the fourth consecutive month of slight decreases. Owner occupied housing rose by 0.3%, the seventh consecutive month of small increases. Investment housing decreased in October 2004 (down 1.0%) for the thirteenth consecutive month.
  • The number of housing finance commitments for owner occupation increased by 0.1% in October 2004, while the number excluding refinancing remained virtually unchanged.


SEASONALLY ADJUSTED ESTIMATES
  • Total value of housing finance commitments fell by 3.1% in October 2004, following a rise of 1.4% in September. This fall was due to decreases in both investment housing commitments (down 8.1%) and owner occupied housing commitments (down 0.4%).
  • The number of housing finance commitments for owner occupied housing fell by 0.2% in October 2004, the second consecutive monthly decrease. The number excluding refinancing fell by 0.4%.


ORIGINAL ESTIMATES
  • The percentage of first home buyer commitments fell slightly to 16.0%, following six consecutive monthly increases after the record low in March 2004.


NOTES

CHANGES IN THIS ISSUE

The annual seasonal re-analysis has been undertaken on data up to September 2004. This has resulted in revisions to the seasonally adjusted and trend estimates for some series.



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


SUMMARY OF FINDINGS


DWELLINGS FINANCED

Value of Dwellings Financed

The total value of dwelling commitments excluding alterations and additions (seasonally adjusted) decreased by 3.1% in October 2004, following a rise of 1.4% in September. The total housing finance trend decreased by 0.1% in October 2004, remaining relatively unchanged from the April 2004 level which followed seven consecutive monthly falls.


The total value of owner occupied commitments (seasonally adjusted) decreased by 0.4% in October 2004, following a 0.6% increase in September. Decreases in the construction of dwellings (down 1.4%), established dwellings excluding refinancing (down 0.5%) and refinancing of established dwellings (down 0.2%) were offset partially by an increase in purchase of new dwellings (up 0.5%). The trend series rose by 0.3% in October.


The seasonally adjusted series for value of investment housing commitments (including finance for construction and finance for rent or resale) decreased by 8.1% in October 2004, following a rise of 2.9% in September. The decrease this month was primarily due to falls in finance for the construction of dwellings for rent or resale (down 16.5%) and purchase of dwellings for rent or resale by individuals (down 8.0%). Partially offsetting these decreases was an increase in purchase of dwellings for rent or resale by others (up 1.3%). The trend series in total value of investment commitments fell by 1.0%.

INVESTMENT HOUSING - TOTAL
Graph: Investment housing - total



Number of Owner Occupied Dwellings Financed

The number of owner occupied dwelling commitments (seasonally adjusted) decreased by 0.2% in October 2004, the second consecutive monthly decrease. A decrease in the purchase of established dwellings excluding refinancing (down 174, -0.6%) more than offset increases in refinancing of established dwellings (up 35, 0.2%) and construction of dwellings (up 18, 0.4%). Purchase of new dwellings remained unchanged from September 2004.


The total owner occupied housing finance trend rose by 0.1% in October 2004, the fifth consecutive month of slight increases following eight monthly decreases.


Decreases were recorded in seasonally adjusted terms for Western Australia (down 321, -4.3%), Queensland (down 78, -0.8%), New South Wales (down 69, -0.5%), Tasmania (down 55, -5.3%), Australian Capital Territory (down 41, -7.0%) and South Australia (down 5, -0.1%). These decreases were partially offset by rises in Victoria (up 10, 0.1%) and Northern Territory (up 3, 0.5%). The trend increased in Western Australia, South Australia, Victoria and Northern Territory, and decreased in other states and territories.


In original terms, first home buyer commitments as a percentage of total owner occupied housing commitments fell slightly to 16.0%, following six consecutive monthly increases after the record low in March 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) decreased by 0.4% in October 2004, after a 1.2% decrease in September. The trend was virtually unchanged in October 2004.

Graph: Owner Occupied Dwellings Financed Excluding Refinancing



PURPOSE OF FINANCE (OWNER OCCUPATION)

Construction of dwellings

The seasonally adjusted number of construction commitments for owner occupation rose by 0.4% in October 2004, after a decrease of 1.9% in September. The trend series fell 0.6% in October 2004, continuing its run of decreases since September 2003 but at a decelerating rate for the fifth successive month.

Graph: Construction of dwellings


Purchase of new dwellings

The number of finance commitments for the purchase of new dwellings for owner occupation (seasonally adjusted) remained virtually unchanged in October 2004, following a decrease of 3.0% in September. The trend series rose 0.1% in October 2004.

Graph: Purchase of new dwellings


Purchase of established dwellings

The seasonally adjusted established dwelling for owner occupation series decreased by 0.3% in October 2004, after a 0.2% decrease in September. The trend rose by 0.1% in October 2004, the fifth month of slight increases following eight consecutive monthly decreases.

Graph: Purchase of established dwellings


Refinancing

The number of refinancing commitments for owner occupied housing (seasonally adjusted) rose by 0.2% in October 2004, after a rise of 1.2% in September. The trend series increased by 0.2% in October, the fourth slight increase following eight consecutive monthly decreases.

Graph: Refinancing



TYPE OF LENDER (OWNER OCCUPATION)

Banks

The number of owner occupied dwellings financed by banks (seasonally adjusted) decreased for the fifth time in six months, falling by 0.5% in October 2004. The trend series decreased by 0.1% in October.

Graph: Banks


Non-banks

Non-bank commitments for owner occupied housing (seasonally adjusted) increased by 0.5% in October 2004, the fourth consecutive monthly increase. Permanent building societies were up 9.9% while wholesale lenders were up 1.5%. The non-bank trend series increased by 0.6% in October 2004, the fourth consecutive monthly increase.

Graph: Non-banks



HOUSING LOAN OUTSTANDINGS

At the end of October 2004, housing loans outstanding of authorised deposit-taking institutions was $484,220m, up $7,377m (1.5%) from September's closing balance. Owner occupied housing loans increased by $5,845m (1.9%) to close at $321,497m, while investment housing loans outstanding increased by $1,532m (1.0%) to reach a closing balance of $162,723m.


Bank loans increased by $7,065m (1.6%) during October to a closing stock of $455,346m. Owner occupied housing loans of banks increased by $5,561m (1.9%) to $298,441m, while investment housing loans increased $1,504m (1.0%) to $156,905m.




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