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Free AccessMNI ANALYSIS: Australia Dwelling Approvals Up But Trend Slows
SYDNEY (MNI) - Dwelling approvals rose for the third straight months in
October but the trend growth rate fell to the lowest in five months.
Data published by the Australian Bureau of Statistics Thursday showed
dwelling approvals rose 0.9% m/m in October, beating expectations for a 2.0%
decline. However, the trend growth rate eased to +0.7% m/m from a high of +1.4%
in June.
In trend terms, approvals eased for both private houses and multi-units,
with the rate for multi-units easing to +0.8% m/m in October from +2.0% in
September.
In value terms, total buildings approved fell 1.1% m/m in October as the
5.4% rise in residential building approvals was offset by a 10.1% fall in
non-residential approvals.
Overall, the data are in line with the Reserve Bank of Australia's view
that dwelling investment has peaked but will remain at high level over the next
couple of years. Significantly, the RBA doesn't expect dwelling investment to
contribute to overall economic growth. On the contrary, the impact of dwelling
supply on house prices and rents could become a headwind to the economy because
of the dampening effect it could have on growth and inflation.
In the months ahead, the RBA is likely to watch that impact closely as it
could be an important determinant on which direction monetary policy takes.
From building-approvals data for October published by the Australian Bureau
of Statistics on Thursday:
October September
--------------------------------------------------------------------------------
(M/M% unless stated; (M/M% unless stated;
seasonally adjusted) seasonally adjusted)
Dwelling Units
Approved +0.9 +0.6(revised from +1.5)
MNI Median -2.0 (range -4.0 to +2.0)
Dwelling Units
Approved (Trend) +0.7 +1.4
Dwelling Units
Approved Y/Y +18.4 +0.2(last month's release)
Private Houses +1.5 +1.1
Private Units
Excluding Houses -1.0 -0.1
--MNI Sydney Bureau; tel: +61 2-9716-5467; email: sophia.rodrigues@marketnews.com
[TOPICS: MTABLE,MALDA$,MALDS$,MMLRB$,M$A$$$,M$L$$$,MT$$$$]
To read the full story
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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.