ANZ analysts note that the Australian residential building approvals grew by a modest 0.7% m/m in May, a slight reversal after the sharp declines in March and April (13.4% and 3.4% m/m).
Key Quotes
“Private sector unit approvals were up 1.2% m/m, to be down 20.1% y/y. Private sector house approvals were down 0.3% m/m and are now down 12.7% y/y. More broadly, a slight pick-up in unit approvals are providing some offset to weaker house approvals.”
“The month of May highlighted strength in Victoria, where total approvals were up 14.4% m/m, driven by an impressive 40.9% m/m growth in the volatile unit component.”
“NSW is leading the way on approvals, particularly in units, which have shown a sharp recovery in recent months.”
“Non-residential approvals fell in May although in trend terms they look to be stabilising both in public and private terms.”
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