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5609.0 - Housing Finance, Australia, Dec 2006  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 09/02/2007   
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DECEMBER KEY FIGURES

Trend estimates
Seasonally adjusted estimates
Dec 2006
Nov 2006 to
Dec 2006
Dec 2006
Nov 2006 to
Dec 2006

Value of dwelling commitments(a)
$m
% change
$m
% change
Total dwellings
19 222
-0.3
19 606
1.9
Owner occupied housing
13 752
-0.1
13 875
1.1
Investment housing - fixed loans(b)
5 469
-0.9
5 732
4.0
Number of dwelling commitments(a)
no.
% change
no.
% change
Owner occupied housing
61 389
-0.4
61 597
0.1
Construction of dwellings
4 537
-0.2
4 553
0.2
Purchase of new dwellings
2 621
-1.8
2 577
-3.6
Purchase of established dwellings
54 231
-0.4
54 467
0.3

(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



DECEMBER KEY POINTS


TREND ESTIMATES

December 2006 COMPARED WITH November 2006:

  • Total value of dwelling finance commitments excluding alterations and additions decreased by 0.3%. The value of owner occupied housing commitments decreased by 0.1%, while the value of investment housing commitments fell by 0.9%.
  • The number of commitments for owner occupied housing finance fell by 0.4%, while the number excluding refinancing fell by 0.5%.


SEASONALLY ADJUSTED ESTIMATES

December 2006 COMPARED WITH November 2006:
  • Total value of dwelling finance commitments excluding alterations and additions increased 1.9%. Owner occupied housing commitments rose 1.1%, while investment housing commitments rose 4.0%.


ORIGINAL ESTIMATES
  • The number of first home buyer commitments as a percentage of total owner occupied housing finance commitments increased from 17.5% in November 2006 to 17.7% in December 2006. The number of fixed rate loan commitments as a percentage of total owner occupied housing finance commitments decreased from 21.3% in November 2006 to 20.7% in December 2006.


NOTES

FORTHCOMING ISSUES

ISSUE Release Date
January 2007 12 March 2007
February 2007 11 April 2007
March 2007 14 May 2007
April 2007 8 June 2007
May 2007 10 July 2007
June 2007 8 August 2007



CHANGES IN THIS ISSUE

There are no changes in this issue.



CHANGES IN FORTHCOMING ISSUES

The reclassification of some loans data was foreshadowed in the November 2006 issue. Work on this is continuing as respondents provide revised data. Revisions to previously published series will be incorporated as soon as practical.


The release dates for the January and March 2007 issues of this publication have been revised to the dates shown above.



INQUIRIES

For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070 or Glen Malam on Canberra (02) 6252 5040.



SUMMARY COMMENTARY


DWELLINGS FINANCED

Value of Dwellings Financed

The total value of dwelling commitments excluding alterations and additions (seasonally adjusted) increased 1.9% in December 2006 compared with November 2006. The trend series for total value of dwelling finance commitments decreased by 0.3% in December 2006.


The total value of owner occupied housing commitments (seasonally adjusted) rose by 1.1% (up $150m) in December 2006, following a revised 0.5% fall in November 2006. An increase was recorded for purchase of other established dwellings excluding refinancing (up $166m, 2.1%) and refinancing of established dwellings (up $22m, 0.5%), which more than offset decreases in purchase of new dwellings (down $35m, -5.2%), and construction of dwellings (down $3m, -0.2%). The trend series in the value of owner occupied commitments decreased by 0.1% in December 2006.


The total value of investment housing commitments (seasonally adjusted) increased by 4.0% (up $220m) in December 2006 compared with November 2006, following an increase of 1.8% in November 2006. The increase this month was due to rises construction of dwellings for rent or resale (up $165m, 35.3%), in purchase of dwellings for rent or resale by others (up $32m, 5.9%) and purchase of dwellings for rent or resale by individuals (up $23m, 0.5%). The trend series in total value of investment housing commitments decreased by 0.9% in December 2006.

INVESTMENT HOUSING - TOTAL
Graph: Investment Housing - Total



Number of Owner Occupied Dwellings Financed

The number of owner occupied housing commitments (seasonally adjusted) increased by 0.1% (up 89) in December 2006 compared with November 2006, following a revised decrease of 0.4% in November 2006. Increases were recorded in purchase of established dwellings excluding refinancing (up 288, 0.8%) and construction of dwellings (up 8, 0.2%) which more than offset a decrease in purchase of new dwellings (down 96, -3.6%) and refinancing of established dwellings (down 111, -0.6%). The number of owner occupied housing commitments (trend) fell 0.4% in December 2006.


The number of owner occupied housing commitments (seasonally adjusted) increased in December 2006 compared with November 2006 in Queensland (up 435 , 3.2%), Western Australia (up 369, 4.5%), Victoria (up 64, 0.5%), the Northern Territory (up 19, 3.9%) and Tasmania (up 14, 1.2%). Decreases were recorded in New South Wales (down 596, -3.3%), the Australian Capital Territory (down 36, -4.5%) and South Australia (down 8, -0.2%). The trend estimates decreased in all states and territories except Queensland.


In original terms, the number of first home buyer commitments as a percentage of total owner occupied housing finance commitments increased from a revised 17.5% in November 2006 to 17.7% in December 2006. The number of fixed rate loan commitments as a percentage of total owner occupied housing finance commitments fell from 21.3% in November 2006 to 20.7% in December 2006. The average loan size for owner occupied housing commitments rose from $223,400 in November 2006 to $226,700 in December 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) increased by 0.5% in December 2006 compared with November 2006, following a revised decrease of 0.5% in November 2006. The trend decreased by 0.5% in December 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 0.2% in December 2006, following a flat November 2006. The trend series decreased by 0.2% in December 2006, the fourth 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) fell by 3.6% in December 2006, following a revised decrease of 1.8% in November 2006. The trend series fell by 1.8% in December 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) rose 0.3% in December 2006, following a revised decrease of 0.4% in November 2006. The trend series fell by 0.4% in December 2006.

Graph: Purchase of established dwellings including refinancing


Refinancing

The number of refinancing commitments for owner occupied housing (seasonally adjusted) fell by 0.6% in December 2006 compared with November 2006, following a decrease of 0.2% in November 2006. The trend series fell by 0.2% in December 2006.

Graph: Refinancing



TYPE OF LENDER (OWNER OCCUPATION)

Banks

The number of owner occupied dwellings financed by banks (seasonally adjusted) increased by 1.0% in December 2006 compared with November 2006, after a flat in November 2006. The trend series fell by 0.3% in December 2006.

Graph: Banks


Non-banks

The number of owner occupied dwellings financed by non-banks (seasonally adjusted) fell by 3.0% in December 2006 compared with November 2006, after a revised decrease of 1.8% in November 2006. The non-bank trend series decreased by 1.0% in December 2006.

Graph: Non-banks



HOUSING LOAN OUTSTANDINGS

At the end of December 2006, the value of outstanding housing loans financed by authorised deposit-taking institutions was $624,850m, up $6,613m (1.1%) from November's closing balance. Owner occupied housing loans increased by $4,962m (1.2%) to close at $422,971m, while investment housing loans increased by $1,651m (0.8%) to reach a closing balance of $201,879m.


Bank loans increased by $6,472m (1.1%) during December to a closing stock of $588,834m. Owner occupied housing loans of banks increased by $4,822m (1.2%) to $393,658m, while investment housing loans increased $1,650m (0.9%) to $195,176m.


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