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Building Approvals Show Dwelling Investment Still Weak

AUSTRALIA DATA
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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%

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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%

Keep reading...Show less