David Plank, head of Australian economics at ANZ, notes that Australian residential building approvals fell 4.7% m/m in April, adding to the revised 13.4% decline seen in March.
Key Quotes
“Private sector unit approvals were down 6.5% m/m, to be down 28.8% y/y. Private sector house approvals were down 2.6% m/m and are now down 20.5% y/y.”
“Approvals for houses rose in NSW, gaining 8.8% m/m, though NSW unit approvals fell 12.4% m/m and are now down 40%y/y. Vic house approvals were also up, by 3.8% m/m, while unit approvals fell another 35% to take the annual decline in Vic unit approvals to 50%.”
“In contrast, unit approvals rose 20.7% m/m in QLD and are down by 40% y/y.”
“In a welcome development, non-residential approvals were up 16.1% m/m and are now rising in annual terms, with the trend having turned up.”
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