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Free AccessREPEAT:MNI DATA:Australia Dwelling Approvals Up,Trend Positive
Repeats Story Initially Transmitted at 02:20 GMT May 3/22:20 EST May 2
By Sophia Rodrigues
SYDNEY (MNI) - Dwelling approvals rose more than expected in March, pushing
trend in the positive for three months in a row.
The rise in trend growth marks a big revision from the February data which
showed trend in negative for five straight months.
The data is largely in line with the Reserve Bank of Australia's
expectation that dwelling investment would remain at a high level.
Data published by the Australian Bureau of Statistics Thursday showed
dwelling approvals rose 2.6% m/m in March, higher than MNI median forecast for a
1.0% rise.
The latest rise was due a 6.8% m/m increase in multi-units approvals,
though in trend terms they were in negative for five months in a row. Approvals
for houses rose for two straight months and in trend terms they were in the
positive in each month in the past year.
In value terms, total buildings approved fell 0.8% m/m in March as
residential building approvals rose 1.4% while non-residential fell 4.6%.
From building approvals data for March published by the Australian Bureau
of Statistics on Thursday:
March February
--------------------------------------------------------------------------------
(M/M% unless stated; (M/M% unless stated;
seasonally adjusted) seasonally adjusted)
Dwelling Units
Approved +2.6 -4.2 (revised from -6.2)
MNI Median +1.0
Dwelling Units
Approved (Trend) +0.2 +0.3 (revised from +0.1)
Dwelling Units
Approved Y/Y +14.5 -3.1(last month's release)
Private Houses +1.1 +3.1
Private Units
Excluding Houses -6.1 -11.8
--MNI Sydney Bureau; tel: +61 2-9716-5467; email: sophia.rodrigues@marketnews.com
[TOPICS: MTABLE]
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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.