SUMMARY OF FINDINGS
HOUSING FINANCE FOR OWNER OCCUPATION
The trend series for the total value of owner occupied housing commitments excluding alterations and additions increased 2.8% and the seasonally adjusted series rose 2.7%.
For further information, please refer to Housing Finance, Australia (cat. no. 5609.0), which was released on 8 April 2009.
In trend terms, the value of total personal finance increased 1.0% in February 2009 compared with January 2009. Increases were recorded for both revolving credit commitments (up 1.1%) and fixed lending commitments (up 0.9%).
In seasonally adjusted terms, the value of total personal finance commitments decreased 0.2% in February 2009. Revolving credit commitments decreased 1.5%, while fixed lending commitments increased 1.5%.
In original terms, fixed lending commitments increased 9.3% (up $232m ) in February 2009 compared with January 2009.
Movements in the original series contributing to this increase were:
- Individual residential blocks of land, up $92m (27.9%)
- Other, up $59m (11.3%)
- Debt consolidation, up $57m (21.4%)
The trend series for the value of total commercial finance commitments decreased 2.6% in February 2009 compared with January 2009. This was due to a fall in fixed lending commitments (down 3.2%) and revolving credit commitments falling 1.5%.
The seasonally adjusted series for the value of total commercial finance commitments decreased 14.7% in February 2009 compared with January 2009. This was driven by a fall in revolving credit commitments (down 25.6%). Fixed lending commitments fell 7.5%.
The value of purchases of dwellings by individuals for rent or resale (trend) decreased 0.7% in February 2009, after a revised decrease of 0.7% in January 2009. The seasonally adjusted series rose 0.1% in February 2009.
PURCHASE OF DWELLINGS BY INDIVIDUALS FOR RENT OR RESALE
The value of lease finance commitments (trend) decreased 2.4% in February 2009, while the seasonally adjusted series increased 1.7%.