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Home Building Recovery Still Tentative & Lacklustre

AUSTRALIA DATA
Fixed Income BulletsAPACAustraliaData BulletMarketsStoryForeign Exchange Bullets

October building approvals rose 4.2% m/m, more than expected, after an upwardly revised 5.8% m/m. The increase was driven by a 24.8% m/m rise in the non-houses component, while private houses fell 5.2% m/m. Supply has been an issue in the housing market given strong demand and while the number of approvals appears to be recovering it remains below end-2019 signalling that there is a lot further to go. 

  • Total building approvals rose 6.1% y/y in October down from 6.8% y/y as private houses eased to 2.4% y/y from 15.5%. Non-house approvals rose 7.1% y/y following a drop of 11.3%. 3-month momentum is positive for both segments.
  • The 24.8% m/m rise in dwellings ex houses was from approvals in NSW and Victoria. The ABS notes that the number of high rise approvals was its most since January.
  • The total value of residential building rose 3.2% m/m in October with new builds up 4.4% but alterations down 4.2%.

Australia number of building approvals

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October building approvals rose 4.2% m/m, more than expected, after an upwardly revised 5.8% m/m. The increase was driven by a 24.8% m/m rise in the non-houses component, while private houses fell 5.2% m/m. Supply has been an issue in the housing market given strong demand and while the number of approvals appears to be recovering it remains below end-2019 signalling that there is a lot further to go. 

  • Total building approvals rose 6.1% y/y in October down from 6.8% y/y as private houses eased to 2.4% y/y from 15.5%. Non-house approvals rose 7.1% y/y following a drop of 11.3%. 3-month momentum is positive for both segments.
  • The 24.8% m/m rise in dwellings ex houses was from approvals in NSW and Victoria. The ABS notes that the number of high rise approvals was its most since January.
  • The total value of residential building rose 3.2% m/m in October with new builds up 4.4% but alterations down 4.2%.

Australia number of building approvals

Keep reading...Show less