Australian Bureau of Statistics data for Building Approvals, August
-1.8% m/m (lower on the month but a big beat of expectations)
- expected -6% m/m, prior revised higher still to +12.0% from +11.3%
+10.1% y/y (higher for the y/y along with a huge beat on expectations)
- expected +5.1% y/y and prior revised higher still to +4.2% from +3.1%
- Private sector house approvals down 1.3%
- Private sector apartment approvals down 3.6%
More from the ABS ... they urge us to look at the 'trend' data:
- The number of dwellings approved, in trend terms, rose 0.6 per cent in August 2016 and has risen for nine months
- In trend terms, approvals for private sector houses fell 1.0 per cent in August
- The value of total building approved fell 0.1 per cent in August, in trend terms, after rising for eight months
- The value of residential building rose 0.7 per cent while non-residential building fell 1.8 per cent.
And, via @CallamPickering (good, data based analysis):
--
The 'pipeline' of dwellings to be constructed and actually under construction is large. This should, hopefully for those wanting to buy houses and apartments, weigh on prices to some extent.
-
And, don't forget Reserve Bank of Australia meeting today
