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REPEAT: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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