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5609.0 - Housing Finance, Australia, Aug 2005  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 10/10/2005   
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AUGUST KEY FIGURES

Trend estimates
Seasonally adjusted estimates
Aug 2005
Jul 2005 to Aug 2005
Aug 2005
Jul 2005 to Aug 2005

Value of dwelling commitments(a)
$m
% change
$m
% change
Total dwellings
16 945
-0.6
16 911
-1.0
Owner occupied housing
11 744
-
11 834
0.5
Investment housing - fixed loans(b)
5 201
-2.0
5 077
-4.3
Number of dwelling commitments(a)
no.
% change
no.
% change
Owner occupied housing
54 567
-0.4
54 709
-0.2
Construction of dwellings
4 343
-1.1
4 321
0.7
Purchase of new dwellings
2 241
0.2
2 275
5.1
Purchase of established dwellings
47 983
-0.4
48 113
-0.5

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

Value of dwellings commitments, Total dwellings
Graph: Housing Finance, Value of dwellings

Number of dwelling commitments, Owner occupied housing
Graph: Owner occupied housing finance



AUGUST KEY POINTS


TREND ESTIMATES

  • Total value of dwelling finance commitments excluding alterations and additions decreased by 0.6% in August 2005, the fifth consecutive monthly decrease. Owner occupied housing remained virtually unchanged, while investment housing fell by 2.0%.
  • The number of commitments for owner occupation decreased by 0.4% in August 2005, while the number excluding refinancing fell by 0.5%.


SEASONALLY ADJUSTED ESTIMATES
  • Total value of dwelling finance commitments excluding alterations and additions fell by 1.0% in August 2005. This decrease was due to the decrease in investment housing commitments (down 4.3%) more than offsetting the slight rise in owner occupied housing commitments (up 0.5%).
  • The number of commitments for owner occupation decreased by 0.2% in August 2005, while the number excluding refinancing rose by 0.5%.


ORIGINAL ESTIMATES
  • First home buyer commitments as a percentage of total commitments rose to 17.3% in August 2005. The percentage of commitments at a fixed rate of interest (for at least two years) decreased for the fifth successive month, from 9.5% in July to 9.1% in August.


NOTES

REVISIONS IN THIS ISSUE

As foreshadowed in the June 2005 issue, ABS has been undertaking quality assurance activity on housing loan outstandings associated with securitisation programs. Estimates for housing loan outstandings in table 12 of this issue have been revised to account for omission of mortgages associated with securitisation programs from March 2002 to December 2004, and for mortgages held by "other lenders" (ie not associated with securitisers) for March and June quarters 2005.


These revisions are in respect of loan outstandings only, and there have been no significant revisions to loan commitments data tabulated elsewhere in this publication.



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) decreased by 1.0% in August 2005. The total dwelling finance trend decreased by 0.6%, the fifth consecutive monthly decrease.


The total value of owner occupied commitments (seasonally adjusted) increased by 0.5% (up $56m) in August 2005, following an increase of 1.0% in July. Increases in purchase of established dwellings excluding refinancing (up $72m, 1.0%), construction of dwellings (up $16m, 1.7%) and purchase of new dwellings (up $10m, 1.9%) more than offset the decrease in refinancing of established dwellings (down $42m, -1.2%). The trend series in the value of owner occupied commitments remained virtually unchanged in August, following a run of increases starting in April 2004.


The seasonally adjusted series for value of investment housing commitments (including finance for construction and finance for rent or resale) fell by 4.3% (down $227m) in August 2005, following a decrease of 4.5% in July. The decrease this month was due to decreases in purchase of dwellings for rent or resale by others (down $116m, -23.2%) and purchase of dwellings for rent or resale by individuals (down $112m, -2.6%), while construction of dwellings for rent or resale increased slightly (up $1m, 0.2%). The trend series in total value of investment commitments fell by 2.0%, the sixth consecutive monthly decrease.

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% (down 103) in August 2005, the fourth decrease in the past five months. A decrease in refinancing of established dwellings (down 286, -1.7%) more than offset increases in purchase of new dwellings (up 111, 5.1%), established dwellings excluding refinancing (up 41, 0.1%) and construction of dwellings (up 31, 0.7%). The total owner occupied housing finance trend fell by 0.4% in August 2005, the fourth consecutive month of slight decreases following a run of increases starting in July 2004.


Decreases were recorded in seasonally adjusted terms in Victoria (down 275, -2.2%), New South Wales (down 182, -1.1%) and Tasmania (down 55, -5.1%). These decreases were offset by increases in Western Australia (up 338, 4.2%), South Australia (up 157, 3.6%), Northern Territory (up 44, 7.3%), Australian Capital Territory (up 21, 3.5%) and Queensland (up 4). The trend decreased in all states and territories except Western Australia, Northern Territory and Australian Capital Territory.


In original terms, first home buyer commitments as a percentage of total commitments rose to 17.3% in August 2005. The percentage of commitments at a fixed rate of interest (for at least two years) decreased from 9.5% in July to 9.1% in August.

Graph: Number of Owner Occupied Dwellings Financed


Number of Owner Occupied Dwellings Financed Excluding Refinancing

The number of owner occupied dwellings financed excluding refinancing (seasonally adjusted) increased by 0.5% in August 2005, following an decrease of 0.2% in July. The trend decreased by 0.5% in August 2005, the fifth consecutive monthly decrease.

Graph: Number of 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 0.7% in August 2005, following a decrease of 3.5% in July. The trend series decreased by 1.1% in August 2005, the fourth consecutive monthly decrease.

Graph: Construction of dwellings for owner occupation


Purchase of new dwellings

The number of finance commitments for the purchase of new dwellings for owner occupation (seasonally adjusted) rose by 5.1% in August 2005, following a fall of 1.9% in July. The trend series rose by 0.2% in August 2005.

Graph: Purchase of new dwellings for owner occupation


Purchase of established dwellings

The seasonally adjusted established dwelling for owner occupation series decreased by 0.5% in August 2005, the fourth decrease in the past five months. The trend fell by 0.4% in August 2005, the fourth slight decrease following a run of increases starting in July 2004.

Graph: Purchase of established dwellings for owner occupation


Refinancing

The number of refinancing commitments for owner occupied housing (seasonally adjusted) fell by 1.7% in August 2005, following a rise of 3.6% in July. Trend series fell by 0.2% in August 2005, the first decrease following nine consecutive monthly increases.

Graph: Refinancing for owner occupation



TYPE OF LENDER (OWNER OCCUPATION)

Banks

The number of owner occupied dwellings financed by banks (seasonally adjusted) increased by 0.2% in August 2005, following an increase of 1.4% in July 2005. The trend series fell by 0.4% in August, the fourth consecutive monthly decrease.

Graph: Financing by banks for owner occupation


Non-banks

Non-bank commitments for owner occupied housing (seasonally adjusted) decreased by 1.4% in August 2005, following a decrease of 0.3% in July. Wholesale lenders were down 1.7% while permanent building societies remained virtually unchanged. The non-bank trend series decreased by 0.3% in August 2005, the fifth consecutive monthly decrease.

Graph: Financing by non-banks for owner occupation



HOUSING LOAN OUTSTANDINGS

At the end of August 2005, housing loans outstanding of authorised deposit-taking institutions was $532,949m, up $6,221m (1.2%) from July's closing balance. Owner occupied housing loans increased by $4,470m (1.3%) to close at $355,989m, while investment housing loans outstanding increased by $1,751m (1.0%) to reach a closing balance of $176,960m.


Bank loans increased by $5,911m (1.2%) during August to a closing stock of $501,657m. Owner occupied housing loans of banks increased by $4,241m (1.3%) to $330,894m, while investment housing loans increased $1,670m (1.0%) to $170,763m.


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