AU: Home Loans


Wed Apr 11 20:30:00 CDT 2018

Consensus Actual Previous Revised
M/M percent change -0.8% -0.2% -1.1% -1.0%
Yr/Yr percent change -0.8% -1.9%

Highlights
The number of dwelling commitments for owner occupied housing in Australia fell 0.2 percent on the month in February (seasonally adjusted) after falling 1.0 percent in January, stronger than the consensus forecast for a drop of 0.8 percent. The number of commitments has now fallen for three consecutive months and in five of the last six months.

The decline in headline commitments in January was entirely driven by loans for the construction of dwellings, which fell by 7.1 percent on the month. This was largely offset by increases in loans for the purchase of new dwellings and established dwellings of 6.6 percent and 0.4 percent respectively. Loans for the purchase of established dwellings account for more than three-quarters of the total and have been showing weak growth in recent months, including the small rise in February, consistent with other data showing that conditions have cooled in the Austrian residential property market.

The seasonally adjusted number of dwelling commitments fell 0.8 percent on the year in February after dropping by 1.9 percent in January. In original terms, commitments fell 0.7 percent on the year after increasing by 1.2 percent previously.

The total value of dwelling commitments (excluding alterations and additions) increased 1.0 percent on the month in February, with the value of owner occupied housing commitments and investment housing commitments up 1.3 percent and 0.5 percent respectively.

Definition
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.

Description
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.