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ANZ analysts note that Australia’s building approvals were down in June for the third time in four months with unit approvals pulling down the m/m result to be down 39.3% y/y, while house approvals ticked up slightly during the month.

Key Quotes

“After signs of stabilisation in May, Australian residential building approvals fell by 1.2% m/m in June. Private sector unit approvals were down 6.5% m/m, to be down 39.9% y/y. This is the third lowest annual result in the last two years.”

“Private sector house approvals were up 0.4% m/m after a flat May, and are now down 14.8% y/y. The small rise in house approvals in June was not enough to offset the substantial decline in unit approvals.”

“Non-residential approvals bounced in June, more than recovering from the fall in May of -6.8% m/m. Trend growth in non-residential approvals is filling some of the gap left by the weaker housing sector.”