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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.
AUSTRALIA DATA
Building approvals in May were a lot stronger than expected due to a surge in volatile multi-dwelling approvals particularly in NSW. The total rose 20.6% m/m to be down 9.8% y/y after falling an upwardly-revised 6.8% m/m to be down 18.7% y/y in April. Given that there is a significant housing shortage at a time of historically high population growth, the increase in building is welcome but needs to see stronger house building too. Total approvals are still 6.3% below February 2020 level, pre-Covid. If this is a new trend though, and one month doesn’t make a trend, then it will also add to activity.
- Private house approvals rose 0.9% m/m, to post the first increase since February, to be down 15.3% y/y up from -17.4%, and 6.3% below Feb 2020. They remain subdued and the rise was driven by Victoria as all other states posted declines. Apartment approvals soared 59.3% m/m to be down only 0.1% y/y after -22.4% y/y, but still 6.4% below Feb 2020. 3-month momentum is now positive in the sector though.
- The value of approvals rose 11.1% m/m after +1.7% in April with residential up 15.2%.
Number of private house approvals %
Source: MNI - Market News/ABS
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.
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