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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
AUSTRALIA DATA
Total building approvals rose a lower-than-expected 1.9% m/m in March to be down 2.2% y/y after falling an upwardly revised 0.9% and 5.3% respectively. Private approvals were in line with Bloomberg consensus, it was the public sector that drove the weaker total. With Q1 approvals down 9% q/q while working age population grew 179k 3m/3m in March, we are likely to continue to see pressure on rents and house prices. Dwelling investment is also likely to remain a weak part of GDP.
- The increase wasn’t broad based across states with only Victoria and WA recording rises.
- Approvals for private houses rose 3.8% m/m in March after 12.4% to be up 7.3% y/y from -1.0%. Private apartments rose 3.6% m/m after falling 24.7% but are still weak on a year ago at -16.8% y/y.
- Total public dwelling approvals are volatile but they fell 65.3% m/m in March to be down 44.7% y/y. The Q1 average was 3% higher on a year ago.
- The value of an approval rose 4.2% y/y driven by higher construction costs.
Australia number of dwellings approved y/y%
Source: MNI - Market News/ABS
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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