Building Approvals

Dwelling approvals rose by a seasonally adjusted 11.9% in June (mkt exp.: +1.8%), following a revised 2.2% increase in May (originally 3.2%). Annual growth jumped to a near four-year high of 27.4% YoY from 6.6% in May, partly driven by base effects.

Dwelling approvals rose a seasonally adjusted 3.2% in May (mkt exp +4.0%), following a revised 4.1% fall in April (originally -5.7%). Annual growth eased to 6.5% YoY, from 8.0% in April.

Dwelling approvals dropped a seasonally adjusted 5.7% in April (mkt exp +3.0%), following a revised 7.1% fall in March (originally -8.8%).

Dwelling approvals dropped a seasonally adjusted 8.8% in March. The drop in dwelling approvals was broad-based. Monthly trend growth, which looks through the monthly volatility, remained negative, with the pace of the decline accelerating from the previous month.

Seasonally adjusted dwelling approvals ebbed by 0.3% in February, somewhat less than the 1.3% decline expected by the market participants. The decline in approvals was driven by dwellings other than houses, which followed solid gains in the previous two months. Private sector house approvals rose by 1.0% in February, to be up by 5.2% YoY, but monthly trend growth remained negative.

Dwelling approvals bounced a seasonally adjusted 6.3% in January, against market expectations of no change. Trend growth in dwelling approvals was -1.1% MoM, but 13.8% YoY.