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Tentative Signs Of Improving Building Approvals

AUSTRALIA DATA
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The number of building approvals appears to have begun to recover but the trend remains weak. They rose a stronger-than-expected 5.5% m/m in May with the improvement fairly broad-based across states and components. Three-month momentum turned positive for the first time since December last year. Numerous banking and housing representatives have warned though that Australia is not building enough homes to meet demand and related price pressures are pushing up inflation.

  • Private house approvals rose 2.1% m/m after falling 0.3% the previous month. They are now up 12% y/y, highest since August 2021. Excluding houses approvals rose 16.3% m/m after +3.1%. This component is volatile but has been positive for three straight months.
  • Total approvals are still 12% lower than December 2019 but private houses are now 5.6% higher, while multi-dwelling units are 33% below.
  • The value of residential building rose a further 2.3% m/m.
Australia number of building approvals

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The number of building approvals appears to have begun to recover but the trend remains weak. They rose a stronger-than-expected 5.5% m/m in May with the improvement fairly broad-based across states and components. Three-month momentum turned positive for the first time since December last year. Numerous banking and housing representatives have warned though that Australia is not building enough homes to meet demand and related price pressures are pushing up inflation.

  • Private house approvals rose 2.1% m/m after falling 0.3% the previous month. They are now up 12% y/y, highest since August 2021. Excluding houses approvals rose 16.3% m/m after +3.1%. This component is volatile but has been positive for three straight months.
  • Total approvals are still 12% lower than December 2019 but private houses are now 5.6% higher, while multi-dwelling units are 33% below.
  • The value of residential building rose a further 2.3% m/m.
Australia number of building approvals

Keep reading...Show less