SUMMARY OF FINDINGS
HOUSING FINANCE FOR OWNER OCCUPATION
The total value of owner occupied housing commitments excluding alterations and additions decreased by 2.5% (seasonally adjusted) and the trend series fell 0.7%.
For further information, please refer to Housing Finance, Australia (cat.no. 5609.0).
In seasonally adjusted terms, the value of total personal finance commitments rose 0.2% in September 2007 compared with August 2007. Revolving credit commitments rose 1.0%, while fixed lending commitments fell 0.8%.
In trend terms, the value of total personal finance fell 1.1% in September 2007. The trend series decreased in both fixed lending commitments (down 1.5%) and revolving credit commitments (down 0.7%).
In original terms, fixed lending commitments decreased by $392m (down 12.5%) in September 2007 compared with August 2007.
Movements in the original series contributing to this decrease were:
- Individual Residential Blocks of Land, down $102m (19.8%)
- Total Motor Vehicles, down $97m (11.3%)
- Other, down $88m (11.9%)
The seasonally adjusted series for the value of total commercial finance commitments fell by 3.8% in September 2007. This decrease was due to a fall in fixed lending commitments (down 6.3%), while revolving credit commitments rose (up 1.1%).
The trend series for the value of total commercial finance commitments rose 2.0% in September 2007. This was due to a rise in both fixed lending commitments (up 3.0%) and revolving credit commitments (up 0.4%).
The value of purchases of dwellings by individuals for rent or resale (seasonally adjusted) fell 3.2% in September 2007, after a decrease of 3.6% in August 2007. The trend series fell 1.2% in September 2007. A turning point is now evident in the trend series in July 2007.
PURCHASE OF DWELLINGS BY INDIVIDUALS FOR RENT OR RESALE
The value of lease finance commitments (seasonally adjusted) increased by 1.9% in September 2007. The trend series for lease finance commitments rose by 0.5%.