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5609.0 - Housing Finance, Australia, Nov 2006  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 15/01/2007   
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NOVEMBER KEY FIGURES

Trend estimates
Seasonally adjusted estimates
Nov 2006
Oct 2006 to Nov 2006
Nov 2006
Oct 2006 to Nov 2006

Value of dwelling commitments(a)
$m
% change
$m
% change
Total dwellings
19 019
-1.2
19 070
-0.1
Owner occupied housing
13 652
-0.6
13 631
-0.9
Investment housing - fixed loans(b)
5 368
-2.9
5 439
1.8
Number of dwelling commitments(a)
no.
% change
no.
% change
Owner occupied housing
61 560
-0.7
61 360
-0.6
Construction of dwellings
4 544
-0.4
4 544
-
Purchase of new dwellings
2 692
-1.6
2 680
-1.4
Purchase of established dwellings
54 324
-0.7
54 136
-0.6

- 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



NOVEMBER KEY POINTS


TREND ESTIMATES

November 2006 COMPARED WITH October 2006:

  • Total value of dwelling finance commitments excluding alterations and additions decreased by 1.2%. The value of owner occupied housing commitments decreased by 0.6%, while the value of investment housing commitments fell by 2.9%.
  • The number of commitments for owner occupied housing finance fell by 0.7%, while the number excluding refinancing fell by 1.0%.


SEASONALLY ADJUSTED ESTIMATES

November 2006 COMPARED WITH October 2006:
  • Total value of dwelling finance commitments excluding alterations and additions decreased 0.1%. Owner occupied housing commitments fell 0.9%, while investment housing commitments rose 1.8%.


ORIGINAL ESTIMATES
  • The number of first home buyer commitments as a percentage of total owner occupied housing finance commitments decreased from 17.7% in October 2006 to 17.4% in November 2006. The number of fixed rate loan commitments as a percentage of total owner occupied housing finance commitments increased from 17.0% in October 2006 to 21.3% in November 2006.


NOTES

FORTHCOMING ISSUES

ISSUE Release Date
December 2006 9 February 2007
January 2007 9 March 2007
February 2007 11 April 2007
March 2007 11 May 2007
April 2007 8 June 2007
May 2007 10 July 2007



CHANGES IN THIS ISSUE

Data in this publication has undergone the annual seasonal reanalysis review, resulting in improvements in the quality of some series.



CHANGES IN FORTHCOMING ISSUES

Some reclassifications of loans data is expected in the December 2006 and January 2007 publications, as a number of respondents are reviewing their classification of commitments. These reclassifications may cause revisions to previously published series.



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) decreased 0.1% in November 2006 compared with October 2006. The trend series for total value of dwelling finance commitments decreased by 1.2% in November 2006.


The total value of owner occupied housing commitments (seasonally adjusted) fell by 0.9% (down $119m) in November 2006, following a revised 1.1% rise in October 2006. Decreases were recorded for purchase of established dwellings excluding refinancing (down $126m, -1.6%) and purchase of new dwellings (down $6m, -0.9%), which more than offset increases in refinancing of established dwellings (up $11m, 0.3%) and construction of dwellings (up $2m, 0.2%). The trend series in the value of owner occupied commitments decreased by 0.6% in November 2006.


The total value of investment housing commitments (seasonally adjusted) increased by 1.8% (up $94m) in November 2006 compared with October 2006, following a revised decrease of 4.8% in October 2006. The increase this month was due to rises in purchase of dwellings by others for rent or resale (up $104m, 24.8%) and construction of dwellings for rent or resale (up $53m, 13.9%) more than offsetting decreases in purchase of dwellings by individuals for rent or resale (down $63m, -1.4%). The trend series in total value of investment housing commitments decreased by 2.9% in November 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 0.6% (down 375) in November 2006 compared with October 2006, following a revised decrease of 0.2% in October 2006. Decreases were recorded in purchase of established dwellings excluding refinancing (down 297, -0.8%), purchase of new dwellings (down 39, -1.4%), refinancing of established dwellings (down 37, -0.2%), while construction of dwellings remained virtually unchanged. The number of owner occupied housing commitments (trend) fell 0.7% in November 2006.


The number of owner occupied housing commitments (seasonally adjusted) decreased in November 2006 compared with October 2006 in Western Australia (down 349, -4.1%), the Northern Territory (down 60, -10.8%), South Australia (down 35, -0.7%), Queensland (down 29, -0.2%), Victoria (down 13, -0.1%), and the Australian Capital Territory (down 5, -0.6%). Increases were recorded in New South Wales (up 193, 1.1%) and Tasmania (up 33, 2.9%). The trend estimates decreased in all states and territories except the Australian Capital Territory while New South Wales remained virtually unchanged.


In original terms, the number of first home buyer commitments as a percentage of total owner occupied housing finance commitments decreased from 17.7% in October 2006 to 17.4% in November 2006. The number of fixed rate loan commitments as a percentage of total owner occupied housing finance commitments rose from 17.0% in October 2006 to 21.3% in November 2006. The average loan size for owner occupied housing commitments fell from $223,200 in October 2006 to $222,600 in November 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 0.8% in November 2006 compared with October 2006, following a revised increase of 0.1% in October 2006. The trend decreased by 1.0% in November 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) remained virtually unchanged in November 2006, following an increase of 0.5% in October 2006. The trend series decreased by 0.4% in November 2006, the third consecutive monthly decrease at an increasing rate.

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 1.4% in November 2006, following a decrease of 0.6% in October 2006. The trend series fell by 1.6% in November 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 0.6% in November 2006, following a decrease of 0.2% in October 2006. The trend series fell by 0.7% in November 2006.

Graph: Purchase of established dwellings including refinancing


Refinancing

The number of refinancing commitments for owner occupied housing (seasonally adjusted) fell by 0.2% in November 2006 compared with October 2006, following a decrease of 0.6% in October 2006. The trend series fell by 0.1% in November 2006.

Graph: Refinancing



TYPE OF LENDER (OWNER OCCUPATION)

Banks

The number of owner occupied dwellings financed by banks (seasonally adjusted) decreased by 0.4% in November 2006 compared with October 2006, after a decrease of 0.2% in October 2006. The trend series fell by 0.7% in November 2006.

Graph: Banks


Non-banks

The number of owner occupied dwellings financed by non-banks (seasonally adjusted) fell by 1.5% in November 2006 compared with October 2006, after an increase of 0.1% in October 2006. The non-bank trend series decreased by 0.6% in November 2006.

Graph: Non-banks



HOUSING LOAN OUTSTANDINGS

At the end of November 2006, the value of outstanding housing loans financed by authorised deposit-taking institutions was $618,272m, up $6,849m (1.1%) from October's closing balance. Owner occupied housing loans increased by $5,367m (1.3%) to close at $418,044m, while investment housing loans increased by $1,482m (0.7%) to reach a closing balance of $200,228m.


Bank loans increased by $6,485m (1.1%) during November to a closing stock of $582,362m. Owner occupied housing loans of banks increased by $5,054m (1.3%) to $388,836m, while investment housing loans increased $1,431m (0.7%) to $193,526m.


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