5609.0 - Housing Finance, Australia, May 2016 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 11/07/2016   
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SUMMARY OF FINDINGS


DWELLINGS FINANCED

Value of Dwellings Financed

The total value of dwelling commitments excluding alterations and additions (trend) fell 0.4% in May 2016 compared with April 2016, while the seasonally adjusted series rose 1.0% in May 2016.

The total value of owner occupied housing commitments (trend) fell (down $115m, 0.6%) in May 2016. Falls were recorded in commitments for the construction of dwellings (down $10m, 0.5%), commitments for the purchase of new dwellings (down $34m, 3.5%), and commitments for the purchase of established dwellings (down $72m, 0.4%). The seasonally adjusted series for the total value of owner occupied housing commitments fell 0.6% in May 2016.

The total value of investment housing commitments (trend) fell (down $7m, 0.1%) in May 2016 compared with April 2016. A fall was recorded in commitments for the purchase of dwellings by others for rent or resale (down $38m, 3.3%), while rises were recorded in commitments for the construction of dwellings for rent or resale (up $25m, 1.9%) and commitments for the purchase of dwellings by individuals for rent or resale (up $6m, 0.1%). The seasonally adjusted series for the total value of investment housing commitments rose 3.9% in May 2016.

Further detail can be found in Tables 11, 1 and 2 on the downloads tab of this release and in the PDF.

INVESTMENT HOUSING - TOTAL
Graph: INVESTMENT HOUSING - TOTAL



Number of Owner Occupied Dwellings Financed

The number of owner occupied housing commitments (trend) fell 0.2% in May 2016, following a fall of 0.1% in April 2016. Falls were recorded in commitments for the purchase of established dwellings excluding refinancing (down 19, 0.1%), commitments for the construction of dwellings (down 49, 0.9%), and commitments for the purchase of new dwellings (down 59, 2.3%), while a rise was recorded in commitments for the refinancing of established dwellings (up 19, 0.1%). The seasonally adjusted series for the total number of owner occupied housing commitments fell 1.0% in May 2016.

Further detail can be found in Tables 1 and 2 on the downloads tab of this release and in the PDF.

Graph: Graph shows number of owner occupied dwellings financed


Number of Owner Occupied Dwellings Financed - State

Between April 2016 and May 2016, the number of owner occupied housing commitments (trend) fell in New South Wales (down 43, 0.2%), Victoria (up 4, 0.0%), Queensland (down 24, 0.2%), Western Australia (down 15, 0.2%), and the Northern Territory (down 4, 1.4%), while rises were recorded in South Australia (up 30, 0.8%), the Australian Capital Territory (up 12, 1.2%). Tasmania was flat.

The seasonally adjusted estimates fell in Victoria (down 250, 1.5%), the Northern Territory (down 19, 5.7%) and Western Australia (down 3, 0.1%), while rises were recorded in Queensland (up 115, 1.1%), South Australia (up 95, 2.5%), the Australian Capital Territory (up 50, 4.8%), New South Wales (up 29, 0.2%) and Tasmania (up 26, 2.7%).

Further detail can be found in Tables 5 and 6 on the downloads tab of this release and in the PDF.


First Home Buyer Commitments

In original terms, the number of first home buyer commitments as a percentage of total owner occupied housing finance commitments fell to 13.9% in May 2016 from 14.4% in April 2016. Refer to FIRST HOME BUYERS note on page 2.

Further detail can be found in Table 9a on the downloads tab of this release and in Table 9 of the PDF.


Number of Owner Occupied Dwellings Financed Excluding Refinancing

The number of owner occupied housing commitments excluding refinancing (trend) fell 0.3% in May 2016, following a fall of 0.3% in April 2016. The seasonally adjusted series fell 1.1% in May 2016, after a rise of 0.7% in April 2016.

Further detail can be found in Tables 1 and 2 on the downloads tab of this release and in the PDF.

Graph: Graph shows number of owner occupied dwellings financed, excluding refinancing


PURPOSE OF FINANCE (OWNER OCCUPATION)

Construction of dwellings

The number of finance commitments for the construction of dwellings for owner occupation (trend) fell 0.9% in May 2016, following a fall of 0.9% in April 2016. The seasonally adjusted series fell 2.7% in May 2016, after a rise of 2.6% in April 2016.

Further detail can be found in Tables 1 and 2 on the downloads tab of this release and in the PDF.

Graph: Graph shows commitments for construction of dwellings for owner occupation


Purchase of new dwellings

The number of finance commitments for the purchase of new dwellings for owner occupation (trend) fell 2.3% in May 2016, following a fall of 2.9% in April 2016. The seasonally adjusted series rose 0.4% in May 2016, following a rise of 4.0% in April 2016.

Further detail can be found in Tables 1 and 2 on the downloads tab of this release and in the PDF.

Graph: Graph shows commitments for the purchase of new dwellings for owner occupation


Purchase of established dwellings (including refinancing across lending institutions)

The number of finance commitments for the purchase of established dwellings for owner occupation (trend) was flat in May 2016, after a rise of 0.1% in April 2016. The seasonally adjusted series fell 0.9% in May 2016, after a rise of 1.1% in April 2016.

Further detail can be found in Tables 1 and 2 on the downloads tab of this release and in the PDF.

Graph: Graph shows number of owner occupied established dwellings financed, including refinancing


Refinancing

The number of refinancing commitments for owner occupied housing (trend) rose 0.1% in May 2016, following a rise of 0.3% in April 2016. The seasonally adjusted series fell 0.8% in May 2016, after a rise of 2.5% in April 2016.

Further detail can be found in Tables 1 and 2 on the downloads tab of this release and in the PDF.

Graph: Graph shows number of owner occupied dwellings refinanced


TYPE OF LENDER (OWNER OCCUPATION)

Banks

The number of commitments for owner occupied dwellings financed by banks (trend) was flat in May 2016, following another flat movement in April 2016. The seasonally adjusted series fell 1.1% in May 2016, after a rise of 2.6% in April 2016.

Further detail can be found in Tables 3 and 4 on the downloads tab of this release and in the PDF.

Graph: Graph shows number of owner occupied dwellings financed by banks


Non-banks

The number of commitments for owner occupied dwellings financed by non-banks (trend) fell 2.1% in May 2016, following a fall of 1.6% in April 2016. The seasonally adjusted series fell 0.4% in May 2016, following a fall of 10.7% in April 2016.

Further detail can be found in Tables 3 and 4 on the downloads tab of this release and in the PDF.

Graph: Graph shows number of owner occupied dwellings financed by non-banks


HOUSING LOAN OUTSTANDINGS

At the end of May 2016, the value of outstanding housing loans financed by Authorised Deposit-taking Institutions (ADIs) was $1,499b, up $9b (0.6%) from the April 2016 closing balance. Owner occupied housing loan outstandings financed by ADIs rose $7b (0.8%) to $967b, and investment housing loan outstandings financed by ADIs rose $2b (0.4%) to $532b.

Bank housing loan outstandings rose $13b (0.9%) during May 2016 to reach a closing balance of $1,461b. Owner occupied housing loan outstandings of banks rose $10b (1.1%) to $938b, and investment housing loan outstandings of banks rose $2.8b (0.5%) to $524b.

Further detail can be found in Table 12 on the downloads tab of this release and in the PDF.