5609.0 - Housing Finance, Australia, Nov 2010 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 12/01/2011   
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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 0.6% in November 2010 compared with October 2010 and the seasonally adjusted series rose 1.2% in November 2010.

The total value of owner occupied housing commitments (trend) rose 1.1% (up $154m) in November 2010, following a rise of 1.2% in October 2010. Rises were recorded in commitments for the purchase of established dwellings (up $109m, 0.9%), the purchase of new dwellings (up $31m, 4.0%) and the construction of dwellings (up $15m, 1.1%). The seasonally adjusted series for the value of owner occupied commitments rose 2.9% in November 2010.

The total value of investment housing commitments (trend) fell 0.5% (down $30m) in November 2010 compared with October 2010, following a fall of 0.7% in October 2010. Falls were recorded in commitments for the purchase of dwellings by individuals for rent or resale (down $22m, 0.4%) and the purchase of dwellings by others for rent or resale (down $12m, 1.9%), while commitments for the construction of dwellings for rent or resale rose (up $5m, 1.0%). The value of investment housing commitments seasonally adjusted fell 2.3% in November 2010.

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 541, 1.1%) in November 2010 compared with October 2010. Rises were recorded in commitments for the purchase of established dwellings excluding refinancing (up 271, 1.0%), the refinancing of established dwellings (up 181, 1.2%), the purchase of new dwellings (up 54, 2.3%) and the construction of dwellings (up 34, 0.7%). The seasonally adjusted estimate for the total number of owner occupied housing commitments rose 2.5% in November 2010.

Graph: Number of Owner Occupied Dwellings Financed


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

Between October and November 2010, the number of owner occupied housing commitments (trend) increased in New South Wales (up 186, 1.3%), Victoria (up 101, 0.8%), Western Australia (up 73, 1.3%), Queensland (up 61, 0.7%), the Australian Capital Territory (up 20, 2.0%), South Australia (up 15, 0.4%) and Tasmania (up 2, 0.2%). A fall was recorded in the Northern Territory (down 7, 2.0%). The seasonally adjusted estimates rose in all states and territories except Tasmania (down 17, 2.0%).


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 from 15.4% in October 2010 to 15.6% in November 2010. Between October and November 2010, the average loan size for first home buyers fell $4,900 to $277,900. The average loan size for all owner occupied housing commitments rose $600 to $287,300 for the same period. The number of fixed rate loan commitments as a percentage of total owner occupied housing finance commitments was 8.1% in November 2010, the highest percentage since June 2009.


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

The number of owner occupied housing commitments excluding refinancing (trend) rose 1.0% in November 2010 compared with October 2010, following a rise of 1.1% in October 2010. The seasonally adjusted series rose 2.7% in November 2010.

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 0.7% in November 2010 compared with October 2010, following a rise of 0.5% in October 2010. The seasonally adjusted series rose 2.7% in November 2010.

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 2.3% in November 2010 compared with October 2010, following a rise of 2.2% in October 2010. The seasonally adjusted series rose 9.7% in November 2010.

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 1.1% in November 2010 compared with October 2010, following a rise of 1.4% in October 2010. The seasonally adjusted series rose 2.0% in November 2010.

Graph: Purchase of established dwellings including refinancing


Refinancing (Tables 1 & 2)

The number of refinancing commitments for owner occupied housing (trend) rose 1.2% in November 2010 compared with October 2010, following a rise of 1.9% in October 2010. The seasonally adjusted series rose 1.9% in November 2010.

Graph: Refinancing


TYPE OF LENDER (OWNER OCCUPATION)

Banks (Tables 3 & 4)

The number of commitments for owner occupied dwellings financed by banks (trend) rose 0.4% in November 2010 compared with October 2010, following a rise of 0.7% in October 2010. The seasonally adjusted series fell 0.2% in November 2010.

Graph: Banks


Non-banks (Tables 3 & 4)

The number of commitments for owner occupied dwellings financed by non-banks (trend) rose 5.1% in November 2010, following a rise of 5.4% in October 2010. The seasonally adjusted series rose 18.4% in November 2010. The number of commitments for owner occupied dwellings financed by permanent building societies (trend) rose 5.4%. The seasonally adjusted series rose 7.2% in November 2010.

Graph: Non-banks


HOUSING LOAN OUTSTANDINGS

(Table 12)

At the end of November 2010, the value of outstanding housing loans financed by authorised deposit-taking institutions (ADIs) was $1,042,358m, up $8,004m (0.8%) from the October 2010 closing balance. Owner occupied housing loan outstandings financed by ADIs rose $5,889m (0.8%) to $726,958m and investment housing loans financed by ADIs rose $2,115m (0.7%) to $315,400m.

Bank housing loan outstandings rose $7,189m (0.7%) during November 2010 to reach a closing balance of $990,749m. Owner occupied housing loan outstandings of banks rose $5,015m (0.7%) to $685,377m and investment housing loan outstandings of banks rose $2,174m (0.7%) to $305,372m.