5609.0 - Housing Finance for Owner Occupation, Australia, Aug 2003
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 10/10/2003
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AUGUST KEY FIGURES
AUGUST KEY POINTS
SEASONALLY ADJUSTED ESTIMATES
CHANGES IN THIS ISSUE
From this issue trend and seasonal annual growth rates have been omitted from the key figures area on the front page. Trend and seasonally adjusted growth rates differ little from unadjusted (original) growth rates.
An additional column "Total excluding refinancing of established dwellings" has been added to tables 1 and 2.
The August data should be considered as preliminary. There are some quality issues in reported data which ABS has not been able to resolve fully in time to meet the publication timetable. The August data are the ABS's best estimates, but there may be revisions. We are confident that any revised estimate for the growth in the number and value of total housing finance commitments (seasonally adjusted) would be within about one percentage point of the current estimate.
The value of commitments for the construction or purchase of dwellings for rent or resale is published in the monthly Lending Finance, Australia (cat. no. 5671.0).
SUMMARY OF FINDINGS
Number financed including refinancing
Total housing commitments (seasonally adjusted) increased by 2.1% in August 2003 after a 0.7% decrease in July. The increase was mainly due to the refinancing of established dwellings (up 859, 5.2%) and purchase of established dwellings excluding refinancing (up 421, 1.3%). There was also an increase in construction of dwellings (up 0.1%). A decrease in purchase of new dwellings (down 86, -5.0%) partly offset these increases. The total housing commitments trend increased in August (up 917, 1.6%). There were increases (seasonally adjusted) in Queensland (up 817, 6.9%), Victoria (up 371, 2.9%), NSW (up 333, 1.8%) and NT (up 39, 11.5%), while decreases were recorded for WA (down 179, -2.4%), ACT (down 107, -11.9%), Tasmania (down 75, -5.5%) and SA (down 51, -1.1%). The trend increased in all states, for NT there was a trend decline, and ACT remained flat.
In original terms, the percentage of first home buyer commitments increased slightly to 13.8% of all commitments. The percentage of commitments at a fixed rate of interest (for at least two years) increased from 7.2% in July 2003 to 8.6% in August 2003.
Number financed excluding refinancing
The number of dwellings financed excluding refinancing (seasonally adjusted) increased in August 2003 (up 341, 0.8%), after a 3.4% fall in July. The trend series increased by 1.2% in August.
Value of commitments
The total value of commitments (seasonally adjusted) rose by 2.5% in August 2003, after a rise of 3.4% in July. The trend series increased 2.7%, continuing the run of increases from March 2002.
PURPOSE OF FINANCE
Construction of dwellings
Construction commitments (seasonally adjusted) increased by 0.1% in August 2003. The trend series increased by 0.7% in August, following larger increases in the previous months in 2003.
Purchase of new dwellings
The number of finance commitments for the purchase of new dwellings (seasonally adjusted) fell by 5.0% in August 2003, after an increase of 6.0% in July 2003. The trend series rose 1.0% in August, with growth easing since December 2002.
Purchase of established dwellings
The seasonally adjusted established dwelling finance series rose by 2.6% in August 2003, following a 1.0% fall in July. The trend in finance commitments for the purchase of established dwellings rose by 1.7% in August 2003.
Refinancing commitments grew strongly in August 2003, increasing by 5.2% in seasonally adjusted terms. As a result, trend growth remained strong, at 2.6%.
In August, 29.5% of all loans (seasonally adjusted) were for the refinancing of existing dwellings.
TYPE OF LENDER
The seasonally adjusted bank series increased by 3.2% in August 2003, rebounding from the 1.1% decrease recorded in July. Growth in the trend series eased slightly to 1.9%.
In seasonally adjusted terms, housing commitments by non-banks fell by 1.1% in August 2003, after a 0.5% increase in the previous month. The decrease in the adjusted series is primarily due to a fall of 6.3% (or 223 commitments) for non-bank lenders other than permanent building societies and wholesale lenders, as well as a decrease of 5.8% (or 143 commitments) for permanent building societies. These decreases were partially offset by an increase recorded by wholesale lenders (up 205, 2.3%). The non-bank trend series continued to increase, but at the slower rate of 0.8% for August.
For further information about these and related statistics, contact Darren Page on Canberra 02 6252 6731, or the ABS National Information and Referral Service on 1300 135 070.
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