The ABS has released its August Building Approvals series and it’s another miss for the rebalancing project. Consensus for month on month was a decrease of 0.5% and increase of 12.8% year on year. Instead we got minus 4.7% and 7.7%. At least we’ve got more expensive houses!
AUGUST KEY FIGURES
Aug 13 |
Jul 13 to Aug 13 |
Aug 12 to Aug 13 | ||
no. |
% change |
% change | ||
| ||||
TREND | ||||
Total dwelling units approved |
13 896 |
0.1 |
5.8 | |
Private sector houses |
8 201 |
0.6 |
10.2 | |
Private sector dwellings excluding houses |
5 374 |
-0.1 |
-1.8 | |
SEASONALLY ADJUSTED | ||||
Total dwelling units approved |
13 687 |
-4.7 |
7.7 | |
Private sector houses |
8 115 |
-1.6 |
10.3 | |
Private sector dwellings excluding houses |
5 371 |
-6.5 |
3.2 | |
|
Worryingly, as in the case of new home sales, total approvals appear to be plateauing:
Advertisement
Though houses look more hopeful: