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 3.4% and the seasonally adjusted series rose 7.3%.
For further information, please refer to Housing Finance, Australia (cat. no. 5609.0), which was released on 12 May 2009.
In trend terms, the value of total personal finance increased 0.1% in March 2009 compared with February 2009, with an increase recorded in fixed lending commitments (up 1.0%), while revolving credit commitments decreased (down 0.6%).
In seasonally adjusted terms, the value of total personal finance commitments decreased 2.2% in March 2009. Revolving credit commitments decreased 4.3%, while fixed lending commitments increased 0.5%.
In original terms, fixed lending commitments increased 12.2% (up $335m ) in March 2009 compared with February 2009.
Movements in the original series contributing to this increase were:
- Individual residential blocks of land, up $126m (30.1%)
- Other, up $89m (15.3%)
- Refinancing, up $60m (9.2%)
The trend series for the value of total commercial finance commitments decreased 1.1% in March 2009 compared with February 2009. This was due to falls in revolving credit commitments (down 1.3%) and fixed lending commitments (down 1.0%).
The seasonally adjusted series for the value of total commercial finance commitments increased 20.5% in March 2009 compared with February 2009. This was driven by an increase in fixed lending commitments (up 28.0%). Revolving credit commitments increased 6.6%.
The value of purchases of dwellings by individuals for rent or resale (trend) decreased 0.2% in March 2009, after a revised decrease of 0.3% in February 2009. The seasonally adjusted series rose 2.8% in March 2009.
PURCHASE OF DWELLINGS BY INDIVIDUALS FOR RENT OR RESALE
The value of lease finance commitments (trend) decreased 2.0% in March 2009, while the seasonally adjusted series increased 1.3%.