5609.0 - Housing Finance, Australia, Aug 2011 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 12/10/2011   
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SUMMARY OF FINDINGS


DWELLINGS FINANCED

Value of Dwellings Financed (Tables 11, 1 & 2)

The total value of dwelling commitments excluding alterations and additions (trend) rose 1.1% in August 2011 compared with July 2011 and the seasonally adjusted series rose 1.0% in August 2011.

The total value of owner occupied housing commitments (trend) rose 1.3% (up $193m) in August 2011, following a rise of 1.5% in July 2011. Rises were recorded in commitments for the purchase of established dwellings (up $176m, 1.4%) and the purchase of new dwellings (up $20m, 2.6%), while the construction of dwellings fell (down $1m, 0.1%). The seasonally adjusted series for the value of owner occupied commitments rose 0.6% in August 2011.

The total value of investment housing commitments (trend) rose 0.6% (up $36m) in August 2011 compared with July 2011. Rises were recorded in commitments for the construction of dwellings for rent or resale (up $29m, 6.0%) and the purchase of dwellings by individuals for rent or resale (up $18m, 0.3%), while the purchase of dwellings by others for rent or resale fell (down $11m, 2.0%). The value of investment housing commitments seasonally adjusted rose 1.8% in August 2011.

INVESTMENT HOUSING - TOTAL
Graph: INVESTMENT HOUSING - TOTAL



Number of Owner Occupied Dwellings Financed (Tables 1 & 2)

The number of owner occupied housing commitments (trend) rose (up 815, 1.6%) in August 2011 compared with July 2011. Rises were recorded in commitments for the refinancing of established dwellings (up 460, 2.7%), the purchase of established dwellings excluding refinancing (up 277, 1.1%), the purchase of new dwellings (up 53, 2.5%) and the construction of dwellings (up 25, 0.5%). In trend terms this was the sixth consecutive month in which commitments for the refinancing of established dwellings increased at a greater rate than all other categories of owner occupied housing commitments. The seasonally adjusted estimate for the total number of owner occupied housing commitments rose (up 602, 1.2%) in August 2011.

Graph: Number of Owner Occupied Dwellings Financed


Number of Owner Occupied Dwellings Financed - State (Tables 5 & 6)

Between July 2011 and August 2011, the number of owner occupied housing commitments (trend) rose in New South Wales (up 281, 1.8%), Victoria (up 173, 1.3%), Queensland (up 121, 1.4%), Western Australia (up 59, 0.9%), South Australia (up 25, 0.7%), Tasmania (up 13, 1.4%), the Northern Territory (up 7, 2.1%) and the Australian Capital Territory (up 1, 0.1%). The seasonally adjusted estimates rose in all states and territories except the Australian Capital Territory (down 99, 9.6%), South Australia (down 78, 2.1%) and Tasmania (down 5, 0.6%).


First Home Buyer Commitments (Table 9)

In original terms, the number of first home buyer commitments as a percentage of total owner occupied housing finance commitments rose to 15.3% in August 2011 from 14.9% in July 2011. Between July 2011 and August 2011, the average loan size for first home buyers rose $900 to $283,900. The average loan size for all owner occupied housing commitments fell $1,400 to $288,300 for the same period.


Number of Owner Occupied Dwellings Financed Excluding Refinancing (Tables 1 & 2)

The number of owner occupied housing commitments excluding refinancing (trend) rose 1.1% in August 2011 compared with July 2011, following a rise of 1.2% in July 2011. The seasonally adjusted series rose 1.0% in August 2011.

Graph: Number of owner occupied dwellings financed excluding refinancing


PURPOSE OF FINANCE (OWNER OCCUPATION)

Construction of dwellings (Tables 1 & 2)

The number of finance commitments for the construction of dwellings for owner occupation (trend) rose 0.5% in August 2011 compared with July 2011, following a rise of 0.9% in July 2011. The seasonally adjusted series rose 0.8% in August 2011, after a fall of 0.8% in July 2011.

Graph: Construction of dwellings


Purchase of new dwellings (Tables 1 & 2)

The number of finance commitments for the purchase of new dwellings for owner occupation (trend) rose 2.5% in August 2011 compared with July 2011, following a rise of 2.6% in July 2011. The seasonally adjusted series rose 6.0% in August 2011, after a fall of 0.7% in July 2011.

Graph: Purchase of new dwellings


Purchase of established dwellings (including refinancing across lending institutions) (Tables 1 & 2)

The number of finance commitments for the purchase of established dwellings for owner occupation (trend) rose 1.7% in August 2011 compared with July 2011, following a rise of 1.9% in July 2011. The seasonally adjusted series rose 1.0% in August 2011, following a rise of 2.3% in July 2011.

Graph: Purchase of established dwellings including refinancing


Refinancing (Tables 1 & 2)

The number of refinancing commitments for owner occupied housing (trend) rose 2.7% in August 2011 compared with July 2011, following a rise of 3.1% in July 2011 and 3.5% in June 2011. The seasonally adjusted series rose 1.7% in August 2011, following a rise of 3.2% in July 2011.

Graph: Refinancing


TYPE OF LENDER (OWNER OCCUPATION)

Banks (Tables 3 & 4)

The number of commitments for owner occupied dwellings financed by banks (trend) rose 1.9% in August 2011 compared with July 2011, following rises of greater than 2.0% in each of the previous three months. The seasonally adjusted series rose 1.6% in August 2011.

Graph: Banks


Non-banks (Tables 3 & 4)

The number of commitments for owner occupied dwellings financed by non-banks (trend) fell 0.5% in August 2011. This is the ninth consecutive month in which the number of owner occupied commitments financed by non banks has fallen. The seasonally adjusted series fell 2.5% in August 2011. The number of commitments for owner occupied dwellings financed by permanent building societies (trend) fell 0.8% in August 2011. The seasonally adjusted series fell 2.0% in August 2011.

Graph: Non-banks


HOUSING LOAN OUTSTANDINGS

(Table 12)

At the end of August 2011, the value of outstanding housing loans financed by authorised deposit-taking institutions (ADIs) was $1,112,334m, up $7,411m (0.7%) from the July 2011 closing balance. Owner occupied housing loan outstandings financed by ADIs rose $5,309m (0.7%) to $779,538m and investment housing loans financed by ADIs rose $2,102m (0.6%) to $332,796m.

Bank housing loan outstandings rose $7,108m (0.7%) during August 2011 to reach a closing balance of $1,054,269m. Owner occupied housing loan outstandings of banks rose $5,069m (0.7%) to $732,523m and investment housing loan outstandings of banks rose $2,039m (0.6%) to $321,746m.