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AUSTRALIA DATA: Private House Approvals Stay Weak

AUSTRALIA DATA
APACAustraliaData BulletBulletMarketsFixed Income BulletsForeign Exchange Bullets

December building approvals printed below expectations due to weakness in the private houses component. The number of approvals rose 0.7% m/m with annual growth rising 12.2% up from 3.6%. The solid result was due to the volatile multi-unit component which increased 15.2% m/m to be up 42.7% y/y, whereas houses fell 3% m/m, the third consecutive decline, to be down 1.8% y/y. With the working age population rising 127k over Q4 and housing shortages persisting, building approvals need to rise to improve affordability and lower rental inflation.

  • The fall in the number of private house approvals was broad-based across states, with only NSW recording an increase. The rise in apartment approvals was concentrated in NSW and Queensland.
  • New home inflation has been moderating and in December the value of total residential building approved fell 0.9% m/m despite a rise in the total number of approvals.

Australia number of dwelling approvals y/y%

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December building approvals printed below expectations due to weakness in the private houses component. The number of approvals rose 0.7% m/m with annual growth rising 12.2% up from 3.6%. The solid result was due to the volatile multi-unit component which increased 15.2% m/m to be up 42.7% y/y, whereas houses fell 3% m/m, the third consecutive decline, to be down 1.8% y/y. With the working age population rising 127k over Q4 and housing shortages persisting, building approvals need to rise to improve affordability and lower rental inflation.

  • The fall in the number of private house approvals was broad-based across states, with only NSW recording an increase. The rise in apartment approvals was concentrated in NSW and Queensland.
  • New home inflation has been moderating and in December the value of total residential building approved fell 0.9% m/m despite a rise in the total number of approvals.

Australia number of dwelling approvals y/y%

Keep reading...Show less