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Building Approvals Soft But Signs Of Gradually Improving


The number of home building approvals for September fell 4.6% m/m compared with an expected 2.5% rise. There was weakness across private houses and multi-dwelling approvals down 4.6% m/m and 5.1% respectively. 3-month momentum is positive for houses though but still negative for apartments. There were some slight improvements in annual rates but they’re still negative compared to a year ago and total approvals are down 18.2% compared with pre-pandemic. Home building is not keeping up with demand at a time when working-age population growth is at its highest since series began in 1979.

Australia number of private houses approved %

Source: MNI - Market News/ABS

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