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Free AccessMNI Australia Dwelling Approvals In Trend Decline For 9 Months
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By Sophia Rodrigues
SYDNEY (MNI) - Dwelling approvals in Australia fell sharply in August,
contrasting expectations for a small rise and leading to nine months of decline
in trend terms.
The data suggests dwelling construction could soon become a bigger drag on
growth but could bode well for the outlook for rent which has remained low. Any
acceleration in rent due to a slowing in housing supply would be positive for
the outlook for inflation and for the Reserve Bank of Australia's monetary
policy guidance for the next move in the cash rate to be up.
Data published by the Australian Bureau of Statistics Wednesday showed
dwelling approvals fell 9.4% m/m compared with MNI median forecast for a 1.0%
rise. The outcome was well outside the range predicted by economists in MNI
poll.
The 9.4% fall was the largest since the 22.4% decline in December, and
marks three months of fall in the last four. In trend terms, dwelling approvals
fell 1.9% m/m in August and has been in negative for nine straight months.
The fall in total approvals was driven by a sharp 17.2% fall in private
sector multi-units and also a 1.9% fall in private sector houses.
In value terms, total buildings approved fell 9.5% m/m in August after a
6.9% rise in July. The value of residential building approved rose 0.7% but the
value of non-residential building fell 24.5%.
From building approvals data for August published by the Australian Bureau
of Statistics on Wednesday:
August July
--------------------------------------------------------------------------------
(M/M% unless stated; (M/M% unless stated;
seasonally adjusted) seasonally adjusted)
Dwelling Units
Approved -9.4 -4.6(revised from -5.2)
MNI Median +1.0 (-5.0 to +3.4)
Dwelling Units
Approved (Trend) -1.9 -2.3
Dwelling Units
Approved Y/Y -13.6 -5.6(last month's release)
Private Houses -1.9 -2.7
Private Units
Excluding Houses -17.2 -5.2
--MNI Sydney Bureau; tel: +61 2-9716-5467; email: sophia.rodrigues@marketnews.com
[TOPICS: 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.