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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.
AUSTRALIA DATA
July building approvals rose a stronger-than-expected 10.4% m/m, the fastest monthly rise in just over a year, bringing them up to 14.3% y/y, fastest in almost three years. The large rise was driven by the multi-dwelling component but private houses were also higher on the month. There are early signs that the sector is responding to the significant pickup in demand and low housing stock, seen in the August CoreLogic capital city home prices rising 7.4% y/y.
- The number of approvals for private houses rose 0.6% m/m in July to be up 13.1% y/y, but the rise was concentrated in NSW, while apartments rose 32.1% m/m to be up 15.9% y/y.
- Total approvals are still almost 8% below December 2019 with houses 6.6% above but dwellings ex houses down 27.5%. The trend in the level of approvals remains lacklustre.
Australia number of dwelling approvals y/y%
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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