|M/M percent change||-2.0%||1.6%||-3.0%||-2.7%|
|Yr/Yr percent change||-3.7%||-4.2%||-2.9%|
The number of dwelling commitments for owner occupied housing in Australia rose by 1.6 percent in September, well above the consensus expectations of a fall of 2.0 percent, and following a fall of 2.7 percent in August (revised from minus 3.0 percent).
This rebound in the headline number was mainly driven by an increase in commitments for the purchase of established dwellings (2.0 percent), as well as commitments for the purchase of new dwellings (0.9 percent). This was partly offset by a fall of 0.8 percent in commitments for the construction of dwellings.
In value terms, the total value of dwelling commitments excluding alterations and additions rose 2.3 percent in September. This reflected a strong increase in investment housing commitments with fixed loans (4.6 percent) as well as an increase of 0.9 percent in the total value of owner occupied housing commitments.
In year-on-year terms, the number of dwelling commitments fell 3.7 percent in September, after a fall of 2.9 percent in August (revised from minus 4.2 percent). Year-on-year growth has now fallen for four months in row after hitting a recent peak of 12.7 percent in May.
This recent moderation in housing finance is in line with the Reserve Bank of Australia's assessment that domestic financial institutions have tightened their lending standards in response to recent regulatory measures. This suggests that concerns about overheating in the property market will not be one of the major factors in upcoming policy decisions.
Home Loans data are included in the monthly housing finance report. The report also contains data for home loans for secured and unsecured housing finance commitments for owner occupation, commitments for construction or purchase of dwellings for rent or resale and loans outstanding to individuals/households for housing.
The health of the housing market is always a key element in evaluating the strength of the economy. And it is no different for Australia. The data released here are for secured and unsecured housing finance commitments for owner occupation, commitments for construction or purchase of dwellings for rent or resale, and loan outstanding to individuals/households for housing.
For secured housing finance for owner occupation, these data give the number and value of commitments made by banks, permanent building societies, wholesale lenders not elsewhere classified and other lenders, provided to individuals/households. These commitments are classified by construction of dwellings, the purchase of new and established dwellings, the refinancing of existing dwellings and alterations and additions to dwellings.
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