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 3.0% and the seasonally adjusted series rose 2.3%.
For further information, please refer to Housing Finance, Australia (cat. no. 5609.0), which was released on 8 July 2009.
In trend terms, the value of total personal finance commitments decreased 0.9% in May 2009 compared with April 2009. Revolving credit commitments fell 2.9%, while fixed lending commitments rose 1.4%.
In seasonally adjusted terms, the value of total personal finance commitments decreased 2.9% in May 2009. Revolving credit commitments decreased 4.8% and fixed lending commitments decreased 0.8%.
In original terms, fixed lending commitments increased 9.5% (up $265m ) in May 2009 compared with April 2009.
Movements in the original series contributing to this increase were:
- Refinancing, up $120m (17.8%)
- Other, up $66m (11.0%)
- Individual residential blocks of land, up $57m (11.2%)
The trend series for the value of total commercial finance commitments increased 0.4% in May 2009 compared with April 2009. Fixed lending commitments rose 1.1%, while revolving credit commitments fell 0.9%.
The seasonally adjusted series for the value of total commercial finance commitments rose 4.0% in May 2009 compared with April 2009. This was driven by increases in fixed lending commitments (up 4.1%) and revolving credit commitments (up 3.8%).
The value of commitments for the purchase of dwellings by individuals for rent or resale (trend) increased 2.0% in May 2009, following a revised increase of 1.8% in April 2009. The seasonally adjusted series rose 0.8% in May 2009.
PURCHASE OF DWELLINGS BY INDIVIDUALS FOR RENT OR RESALE
The value of lease finance commitments (trend) decreased 2.9% in May 2009. The seasonally adjusted series decreased 1.9%.