From the ABS today:
TOTAL DWELLING UNITS
- The trend estimate for total dwellings approved fell 1.7% in February 2011 and is now showing falls for four months.
- The seasonally adjusted estimate for total dwellings approved fell 7.4% following a fall of 11.6% in the previous month.
PRIVATE SECTOR HOUSES
- The trend estimate for private sector houses approved fell 0.4% in February and has fallen for 14 months.
- The seasonally adjusted estimate for private sector houses approved rose 0.2% in February following falls in the previous four months.
PRIVATE SECTOR OTHER DWELLING UNITS
- The trend estimate for private sector other dwellings approved fell 3.1% in February and is now showing falls for three months.
- The seasonally adjusted estimate for private sector other dwellings approved fell 20.0% following a fall of 20.4% last month.
So, a ray of light for house approvals. But looks like that has been overwhelmed by the Melbourne apartment boom hitting the wall, which is obvious in this state by state graph:
Other general comments on the release are that although dwelling approvals are down, the value of approvals is still elevated:
However, non-residential approvals are languishing, despite a bit of a bounce in February following the floods. There is not much sign here of the projected mining capex boom. At least, not yet, look at the 07/08 period for comparison:
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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