Rate rises to further pressure Aussie Housing

From the Australian Bureau of Statistics:

Value of Dwellings Financed

The total value of dwelling commitments excluding alterations and additions (seasonally adjusted) decreased 2.7% in September 2007 compared with August 2007. The trend series for total value of dwelling finance commitments decreased by 0.7% in September 2007....

Number of Owner Occupied Dwellings Financed

The number of owner occupied housing commitments (seasonally adjusted) decreased by 2.4% (down 1,553) in September 2007 compared with August 2007, following an increase of 1.4% in August 2007. Decreases were recorded in purchase of established dwellings excluding refinancing (down 1,125, 3.0%), refinancing of established dwellings (down 389, 2.1%) and purchase of new dwellings (down 106, 3.5%), while construction of dwellings rose (up 67, 1.4%). The number of owner occupied housing commitments (trend) decreased 0.9% in September 2007.

The number of dwelling commitments is off 5.3% from the June peak. It's a bit early to say that housing is taking a leg down however yesterday's interest rate rise with the possibility of more pushes affordability levels to historic lows.