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House Building Solid Despite Rate Hikes

AUSTRALIA DATA

Building approvals were significantly stronger than expected in August rising 28.1% m/m compared with last month’s drop of 18.2% and consensus at +10%. This was driven by the notoriously volatile apartment sector which rose 99.1% m/m!

  • The more stable private sector houses component increased a solid 4.1% m/m in August – it’s third consecutive rise. Approvals in this area are showing positive short-term momentum.
  • Approvals rose in all states and were also positive for public sector building (+26.5% m/m).
Number of private sector houses approved %

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Building approvals were significantly stronger than expected in August rising 28.1% m/m compared with last month’s drop of 18.2% and consensus at +10%. This was driven by the notoriously volatile apartment sector which rose 99.1% m/m!

  • The more stable private sector houses component increased a solid 4.1% m/m in August – it’s third consecutive rise. Approvals in this area are showing positive short-term momentum.
  • Approvals rose in all states and were also positive for public sector building (+26.5% m/m).
Number of private sector houses approved %

Keep reading...Show less