REPEAT: MNI: Australia Trend Dwelling Approvals Down for 5 Mos

Repeats Story Initially Transmitted at 02:07 GMT Apr 4/22:07 EST Apr 3

By Sophia Rodrigues

     SYDNEY (MNI) - Dwelling approvals fell in February, giving back some of the

strong gains the month before, with  the trend slipping into negative for five

months in a row.

     The data is largely in line with the Reserve Bank of Australia's

expectation that dwelling investment would not contribute to GDP growth over

2018 but nonetheless remain at a high level.

     Data published by the Australian Bureau of Statistics Wednesday showed

dwelling approvals fell 6.2%m/m in February, slightly more than MNI median

forecast for a 5.0% fall but the outcome fell within the wide range predicted by

economists in MNI poll.

     The latest fall was due to a decline in multi-unit approvals and resulted

in the trend rate for January being revised to a 0.1% m/m fall from +0.1%

reported earlier. The trend rate has now fallen for five months in a row. 

     Dwelling approvals have been volatile in the past year, with over 5%

increases or declines recorded in eight of the last 12 months.

     In value terms, total buildings approved rose 4.1% m/m in February as

residential building approvals fell 4.3% but non-residential rose 22.6%. 

     From building approvals data for February published by the Australian

Bureau of Statistics on Wednesday:

                                          February                       January

--------------------------------------------------------------------------------

                              (M/M% unless stated;          (M/M% unless stated;

                              seasonally adjusted)          seasonally adjusted)

Dwelling Units

Approved                                      -6.2    +17.2 (revised from +17.1)

MNI Median              -5.0 (Range -12.5 to -4.0)

Dwelling Units

Approved (Trend)                              -0.1      -0.1 (revised from +0.1)

Dwelling Units

Approved Y/Y                                  -3.1   +12.0(last month's release)

Private Houses                                +1.9                          -0.9

Private Units

Excluding Houses                             -16.4                         +42.5

--MNI Sydney Bureau; tel: +61 2-9716-5467; email: sophia.rodrigues@marketnews.com

[TOPICS: MTABLE]