SUMMARY OF FINDINGS
HOUSING FINANCE FOR OWNER OCCUPATION
The trend series for the total value of owner occupied housing commitments excluding alterations and additions decreased 1.4% and the seasonally adjusted series decreased 4.7%.
For further information, please refer to Housing Finance, Australia (cat. no. 5609.0), which was released on 10 February 2010.
(Tables 1 & 4)
In trend terms, the value of total personal finance commitments decreased 0.1% in December 2009 compared with November 2009. Fixed lending commitments fell 1.2%, while revolving credit commitments rose 0.9%.
In seasonally adjusted terms, the value of total personal finance commitments increased 0.2% in December 2009. Revolving credit commitments rose 2.2%, which was offset by a 2.1% fall in fixed lending commitments.
In original terms, for the twelve months ended December 2009, fixed lending commitments rose 9.0% ($3,299m) to $40,027m. The largest contributors to this increase were refinancing commitments which rose 35.9% ($3,249m) and commitments for the purchase of individual residential blocks of land which rose 37.4% ($1,745m). These increases were partially offset by a 14.3% ($1,461m) fall in commitments for the purchase of motor vehicles.
(Tables 1 & 8)
The trend series for the value of total commercial finance commitments decreased 0.8% in December 2009 compared with November 2009. Revolving credit commitments decreased 2.1% and fixed lending commitments decreased 0.3%.
The seasonally adjusted series for the value of total commercial finance commitments was flat for December 2009. Revolving credit commitments rose 3.8%, while fixed lending commitments fell 1.3%.
The value of commitments for the purchase of dwellings by individuals for rent or resale (trend) increased 0.9% in December 2009, following an increase of 1.1% in November 2009. The seasonally adjusted series rose 1.0% in December 2009.
PURCHASE OF DWELLINGS BY INDIVIDUALS FOR RENT OR RESALE
The value of lease finance commitments (trend) increased 0.6% in December 2009. The seasonally adjusted series increased 8.7%.