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5609.0 - Housing Finance, Australia, Sep 2006  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 08/11/2006   
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SEPTEMBER KEY FIGURES

Trend estimates
Seasonally adjusted estimates
Sep 2006
Aug 2006
to Sep 2006
Sep 2006
Aug 2006
to Sep 2006

Value of dwelling commitments(a)
$m
% change
$m
% change
Total dwellings
19 755
-0.6
19 128
-3.3
Owner occupied housing
13 908
-0.2
13 560
-2.3
Investment housing - fixed loans(b)
5 847
-1.7
5 568
-5.5
Number of dwelling commitments(a)
no.
% change
no.
% change
Owner occupied housing
63 129
-
62 083
-1.2
Construction of dwellings
4 596
0.2
4 533
-1.2
Purchase of new dwellings
2 853
-0.8
2 771
-3.7
Purchase of established dwellings
55 680
-
54 779
-1.1

- nil or rounded to zero (including null cells)
(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



SEPTEMBER KEY POINTS


TREND ESTIMATES

September 2006 COMPARED WITH August 2006:

  • Total value of dwelling finance commitments excluding alterations and additions decreased by 0.6%, following a decrease of 0.4% in August 2006 (revised from an increase of 0.4%). The value of owner occupied housing commitments decreased by 0.2%, while the value of investment housing commitments fell by 1.7%.
  • The number of commitments for owner occupied housing finance remained virtually unchanged, while the number excluding refinancing fell by 0.6%.


SEASONALLY ADJUSTED ESTIMATES

September 2006 COMPARED WITH August 2006:
  • Total value of dwelling finance commitments excluding alterations and additions decreased 3.3%. Investment housing commitments fell 5.5%, while owner occupied housing commitments fell 2.3%.
  • The number of commitments for owner occupied housing finance fell by 1.2%, while the number excluding refinancing fell by 2.2%.

ORIGINAL ESTIMATES
  • First home buyer commitments as a percentage of total owner occupied housing finance commitments rose from 16.0% in August 2006 to 17.4% in September 2006.
  • Fixed rate loan commitments as a percentage of total owner occupied housing finance commitments fell from 20.4% in August 2006 to 17.6% in September 2006.


NOTES

FORTHCOMING ISSUES

ISSUE Release Date
October 2006 8 December 2006
November 2006 15 January 2007
December 2006 9 February 2007
January 2007 9 March 2007
February 2007 11 April 2007
March 2007 11 May 2007



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) decreased 3.3% in September 2006 compared with August 2006. The trend series for total value of dwelling finance commitments decreased by 0.6% in September 2006.


The total value of owner occupied housing commitments (seasonally adjusted) fell by 2.3% (down $326m) in September 2006, following a revised 1.5% fall in August 2006. Decreases were recorded for purchase of established dwellings excluding refinancing (down $230m, -2.8%), purchase of new dwellings (down $38m, -5.5%), construction of dwellings (down $29m, -2.6%) and refinancing of established dwellings (down $28m, -0.7%). The trend series in the value of owner occupied commitments decreased by 0.2% in September 2006, breaking the run of increases since April 2004.


The total value of investment housing commitments (seasonally adjusted) decreased by 5.5% (down $324m) in September 2006 compared with August 2006, following a revised decrease of 1.3% in August 2006. The decrease this month was due to a decrease in purchase of dwellings by individuals for rent or resale (down $615m, -12.5%) more than offsetting increases in purchase of dwellings by others for rent or resale (up $190m, 42.9%) and construction of dwellings for rent or resale (up $101m, 19.8%). The trend series in total value of investment housing commitments decreased by 1.7% in September 2006.

INVESTMENT HOUSING - TOTAL
Graph: Investment Housing - Total



Number of Owner Occupied Dwellings Financed

The number of owner occupied housing commitments (seasonally adjusted) fell by 1.2% (down 776) in September 2006 compared with August 2006, following a revised decrease of 1.1% in August 2006. Decreases were recorded in purchase of established dwellings excluding refinancing (down 777, -2.2%), construction of dwellings (down 55, -1.2%) and purchase of new dwellings (down 106, -3.7%), offsetting an increase in refinancing of established dwellings (up 162, 0.8%). The number of owner occupied housing commitments (trend) remained virtually unchanged in September 2006.


The number of owner occupied housing commitments (seasonally adjusted) decreased in September 2006 compared with August 2006 in New South Wales (down 314, -1.7%), Victoria (down 142, -1.0%), Western Australia (down 69, -0.7%), and the Northern Territory (down 73, -11.3%). Increases were recorded in South Australia (up 187, 3.6%), Queensland (up 81, 0.6%), Tasmania (up 73, 6.1%) and the Australian Capital Territory (up 22, 2.9%). The trend estimates increased in all states and territories except New South Wales, Western Australia, and the Northern Territory.


In original terms, the number of first home buyer commitments as a percentage of total owner occupied housing finance commitments increased from 16.0% in August 2006 to 17.4% in September 2006. The number of fixed rate loan commitments as a percentage of total owner occupied housing finance commitments fell from 20.4% in August 2006 to 17.6% in September 2006. The average loan size for owner occupied housing commitments fell from $221,200 in August 2006 to $221,100 in September 2006.

NUMBER OF OWNER OCCUPIED DWELLINGS FINANCED
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) decreased by 2.2% in September 2006 compared with August 2006, following a revised decrease of 2.8% in August 2006. The trend decreased by 0.6% in September 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) fell 1.2% in September 2006, following a revised decrease of 0.8% in August 2006. The trend series increased by 0.2% in September 2006.

Graph: Construction of dwellings


Purchase of new dwellings

The number of finance commitments for the purchase of new dwellings for owner occupation (seasonally adjusted) fell by 3.7% in September 2006, following a revised increase of 0.2% in August 2006. The trend series fell by 0.8% in September 2006.

Graph: Purchase of new dwellings


Purchase of established dwellings (including refinancing)

The number of finance commitments for the purchase of established dwellings for owner occupation (seasonally adjusted) fell 1.1% in September 2006, following a decrease of 1.2% in August 2006. The trend remained virtually unchanged in September 2006.

Graph: Purchase of established dwellings including refinancing


Refinancing

The number of refinancing commitments for owner occupied housing (seasonally adjusted) rose by 0.8% in September 2006 compared with August 2006, following an increase of 2.8% in August 2006. The trend series rose by 1.4% in September 2006.

Graph: Refinancing



TYPE OF LENDER (OWNER OCCUPATION)

Banks

The number of owner occupied dwellings financed by banks (seasonally adjusted) decreased by 1.1% in September 2006 compared with August 2006, after a revised decrease of 2.0% in August 2006. The trend series rose by 0.1% in September 2006, the fifteenth consecutive increase.

Graph: Banks


Non-banks

The number of owner occupied dwellings financed by non-banks (seasonally adjusted) fell by 1.7% in September 2006 compared with August 2006, after a revised increase of 2.1% in August 2006. The non-bank trend series decreased by 0.2% in September 2006.

Graph: Non-banks



HOUSING LOAN OUTSTANDINGS

At the end of September 2006, the value of outstanding housing loans financed by authorised deposit-taking institutions was $606,884m, up $2,487m (0.4%) from August's closing balance. Owner occupied housing loans increased by $2,555m (0.6%) to close at $409,269m, while investment housing loans decreased by $68m to reach a closing balance of $197,615m.


Bank loans increased by $2,642m (0.5%) during September to a closing stock of $571,748m. Owner occupied housing loans of banks increased by $2,513m (0.7%) to $380,727m, while investment housing loans increased $129m (0.1%) to $191,021m.


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