5609.0 - Housing Finance, Australia, Nov 2013 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 13/01/2014   
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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 2.0% in November 2013 compared with October 2013 and the seasonally adjusted series rose 1.7% in November 2013.

The total value of owner occupied housing commitments (trend) rose ($220m, 1.4%) in November 2013. Rises were recorded in commitments for the purchase of established dwellings (up $197m, 1.5%), commitments for the construction of dwellings (up $21m, 1.3%) and commitments for the purchase of new dwellings (up $2m, 0.2%). The seasonally adjusted series for the total value of owner occupied housing commitments rose 1.9% in November 2013.

The total value of investment housing commitments (trend) rose ($298m, 3.0%) in November 2013 compared with October 2013. Rises were recorded in commitments for the purchase of dwellings by individuals for rent or resale (up $242m, 2.9%), commitments for the purchase of dwellings by others for rent or resale (up $29m, 3.5%) and commitments for the construction of dwellings for rent or resale (up $26m, 4.0%). The value of investment housing commitments seasonally adjusted rose 1.5% in November 2013.

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 338, 0.6%) in November 2013, following a rise of 0.8% in October 2013. Rises were recorded in commitments for the purchase of established dwellings excluding refinancing (up 189, 0.7%), commitments for the refinancing of established dwellings (up 109, 0.6%) and commitments for the construction of dwellings (up 59, 1.1%), while a fall was recorded in commitments for the purchase of new dwellings (down 18, 0.6%). The seasonally adjusted estimate for the total number of owner occupied housing commitments rose (up 591, 1.1%) in November 2013.

Graph: Number of Owner Occupied Dwellings Financed


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

Between November 2013 and October 2013, the number of owner occupied housing commitments (trend) rose in New South Wales (up 216, 1.4%), Queensland (up 27, 0.3%), Tasmania (up 22, 2.4%), Western Australia (up 18, 0.2%) and South Australia (up 4, 0.1%), while falls were recorded in Victoria (down 12, 0.1%) and the Australian Capital Territory (down 11, 1.4%). The Northern Territory was flat. The seasonally adjusted estimates rose in New South Wales (up 281, 1.8%), Queensland (up 261, 2.7%), the Australian Capital Territory (up 79, 10.9%), South Australia (up 43, 1.3%) and the Northern Territory (up 1, 0.4%), while falls were recorded in Victoria (down 49, 0.4%), Western Australia (down 28, 0.4%) and Tasmania (down 24, 2.6%).


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 fell to 12.3% in November 2013 from 12.6% in October 2013. Between November 2013 and October 2013, the average loan size for first home buyers rose $1,900 to $298,000. The average loan size for all owner occupied housing commitments rose $7,900 to $319,200 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 0.7% in November 2013, following a rise of 0.8% in October 2013. The seasonally adjusted series rose 0.9% in November 2013, following a rise of 2.1% in October 2013.

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 1.1% in November 2013, following a rise of 1.1% in October 2013. This is the twelfth consecutive rise since December 2012. The seasonally adjusted series rose 2.3% in November 2013, following a rise of 1.1% in October 2013.

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) fell 0.6% in November 2013, following a fall of 0.6% in October 2013. The seasonally adjusted series fell 4.3% in November 2013, after a rise of 3.7% in October 2013.

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 0.7% in November 2013, following a rise of 0.8% in October 2013. This is the eleventh consecutive rise since January 2013. The seasonally adjusted series rose 1.4% in November 2013, following a rise of 0.9% in October 2013.

Graph: Purchase of established dwellings including refinancing


Refinancing (Tables 1 & 2)

The number of refinancing commitments for owner occupied housing (trend) rose 0.6% in November 2013, following a rise of 0.8% in October 2013. This is the eleventh consecutive rise since January 2013. The seasonally adjusted series rose 1.7% in November 2013, after a fall of 1.0% in October 2013.

Graph: Refinancing


TYPE OF LENDER (OWNER OCCUPATION)

Banks (Tables 3 & 4)

The number of commitments for owner occupied dwellings financed by banks (trend) rose 0.7% in November 2013, following a rise of 0.8% in October 2013. The seasonally adjusted series rose 1.2% in November 2013, following a rise of 1.1% in October 2013.

Graph: Banks


Non-banks (Tables 3 & 4)

The number of commitments for owner occupied dwellings financed by non-banks (trend) rose 0.5% in November 2013, following a rise of 0.9% in October 2013. The seasonally adjusted series fell 0.3% in November 2013, after a rise of 1.1% in October 2013. The number of commitments for owner occupied dwellings financed by permanent building societies (trend) rose 1.4% in November 2013, following a rise of 1.6% in October 2013. The seasonally adjusted series rose 3.1% in November 2013, after a fall of 0.4% in October 2013.

Graph: Non-banks


HOUSING LOAN OUTSTANDINGS

(Table 12)

At the end of November 2013, the value of outstanding housing loans financed by authorised deposit-taking institutions (ADIs) was $1,254,913m, up $8,340m (0.7%) from the October 2013 closing balance. Owner occupied housing loan outstandings financed by ADIs rose $4,728m (0.6%) to $842,240m and investment housing loan outstandings financed by ADIs rose $3,612m (0.9%) to $412,673m.

Bank housing loan outstandings rose $8,181m (0.7%) during November 2013 to reach a closing balance of $1,209,079m. Owner occupied housing loan outstandings of banks rose $4,614m (0.6%) to $805,329m and investment housing loan outstandings of banks rose $3,567m (0.9%) to $403,750m.