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AUSTRALIA DATA: Private House Approvals Softening

AUSTRALIA DATA
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The number of building approvals in November was very weak falling 3.6% m/m after an upwardly-revised 5.2% m/m. The weakness was across both private houses and non-house dwellings with them down 1.7% m/m and 10.8% m/m respectively. Through the volatility total approvals continue to trend gradually higher. 

  • Total approvals are now up 3.2% y/y down from 6.8% in October with the level still slightly below the Q4 2019 average. While November was soft, the data is volatile and 3-month momentum picked up to its highest in almost 18 months driven by multi-dwellings.
  • Private house approvals are up 3.8% y/y stronger than October’s 3.3%. The monthly drop in November was broad based across states, except Queensland. Also 3-month momentum has been trending lower since mid-year, which is concerning given demand for housing remains robust.
  • After rising 24.7% m/m in October, it is not surprising that multi-dwelling approvals fell 10.8% in November leaving the annual rate down 6.4% y/y. The weakness was due to NSW and Victoria.
  • The value of non-residential building rose 18.4% m/m, while residential fell 0.5%.

Australia number of dwellings approved

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The number of building approvals in November was very weak falling 3.6% m/m after an upwardly-revised 5.2% m/m. The weakness was across both private houses and non-house dwellings with them down 1.7% m/m and 10.8% m/m respectively. Through the volatility total approvals continue to trend gradually higher. 

  • Total approvals are now up 3.2% y/y down from 6.8% in October with the level still slightly below the Q4 2019 average. While November was soft, the data is volatile and 3-month momentum picked up to its highest in almost 18 months driven by multi-dwellings.
  • Private house approvals are up 3.8% y/y stronger than October’s 3.3%. The monthly drop in November was broad based across states, except Queensland. Also 3-month momentum has been trending lower since mid-year, which is concerning given demand for housing remains robust.
  • After rising 24.7% m/m in October, it is not surprising that multi-dwelling approvals fell 10.8% in November leaving the annual rate down 6.4% y/y. The weakness was due to NSW and Victoria.
  • The value of non-residential building rose 18.4% m/m, while residential fell 0.5%.

Australia number of dwellings approved

Keep reading...Show less