Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Australia's building approvals jump 8.9%m/m

[See full release with charts (PDF)]

Australia's building approvals jump 8.9%m/m

The total number of building approvals was inflated by a surge in Apartments

Building approvals for the month of November bounced 8.9%m/m (JPMorgan 3.2%, consensus 0.0%), after a downwardly revised 3.6%m/m fall in October. The lion's share of the monthly increase was driven by a 30%m/m increase in the number of apartments approved. The total number of houses approved over the month rose just 0.2%m/m. Unfortunately, the building approvals series is notoriously volatile; and it is therefore difficult to gauge any true direction in the housing market from month to month movements. The trend series, however, is showing clear signs of improvement (chart), after faltering mid-way through last year. Although the trend in building approvals is likely to plateau over the next few months - as interest rates increase, the availability of credit remains tight, and investors exercise caution - JPMorgan expects building approvals to pick up again into year end.

Most of the jump in building approvals came out of NSW, which recorded a massive 67%m/m increase over the month. The huge November month more than offset the 15% decline recorded in October. The NSW gain was supported by strong rebounds in building approvals in Adelaide and Perth (up 22% and 14% respectively). The gains in Adelaide and Perth merely gave back the declines recorded in October (-19% and -14% respectively).

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Crown Accounts: Slightly Softer Growth Expected In PREFU

A slightly softer growth forecast is the main feature of largely unchanged Pre-election Fiscal Update compared to the Budget forecasts three months ago, Finance Minister Steven Joyce says. More>>

ALSO:

Water: Farming Leaders Pledge To Help Make Rivers Swimmable

In a first for the country, farming leaders have pledged to work together to help make New Zealand’s rivers swimmable for future generations. More>>

ALSO:

Unintended Consequences: Liquor Change For Grocery Stores On Tobacco Tax

Changes in the law made to enable grocery stores to continue holding liquor licences to sell alcohol despite increases in tobacco taxes will take effect on 15 September 2017. More>>

Back Again: Government Approves TPP11 Mandate

Trade Minister Todd McClay says New Zealand will be pushing for the minimal number of changes possible to the original TPP agreement, something that the remaining TPP11 countries have agreed on. More>>

ALSO:

By May 2018: Wider, Earlier Microbead Ban

The sale and manufacture of wash-off products containing plastic microbeads will be banned in New Zealand earlier than previously expected, Associate Environment Minister Scott Simpson announced today. More>>

ALSO: