AUSTRALIA DATA
Building approvals for April came in weaker than expected falling 0.3% m/m but March was revised higher to +2.7% m/m. There was weakness in the month in both houses and multi-dwelling units. With working age population growth running at 2.9% y/y and dwelling approvals almost 20% below their pre-Covid level, housing shortages are likely to persist.
- Approvals are up 3.5% y/y after -1.1% y/y in March but the series is volatile and May 2023’s 24.1% m/m rise will weigh on the annual rate next month.
- April private house approvals fell 1.6% m/m after rising 4% and are now up 9% y/y and 1.9% above February 2020. Multi-dwellings fell 1.1% m/m after increasing 5.7% in March but are still down 8.5% y/y and 45% below pre-pandemic. Also 3-month momentum remains negative.
Australia number of dwellings units approved
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