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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
The number of dwelling approvals was a lot weaker than expected in December falling 9.5% m/m to be down 24% y/y driven by a 25.3% m/m drop in the multi-dwelling component but private houses also fell 0.5%. Approvals for apartments are at their lowest level since the Covid-impacted June 2020. With the working age population rising 3% y/y, the lack of home building is a problem in a market that is already facing severe shortages and is likely to continue putting pressure on rents.
- Home building has been impacted by large public infrastructure projects being undertaken in most states, which has absorbed the skilled workforce.
- Approvals for private homes are down 4.4% y/y, an improvement from November’s -6.7%, there is also positive 3-month momentum. They are still almost 3% below pre-pandemic levels though.
- The sharp drop in multi-dwelling units in December has resulted in a 44.2% decline on a year ago. The level is almost 40% below pre-Covid levels. The ABS notes 2023 was 19% lower than 2022. But 3-month momentum improved in Q4 2023.
Australia number of dwelling approvals 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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