Australian building approvals (Jun10)
Posted on 03 August 2010
The ABS released the latest building approvals data today (here) – concluding that:
- The trend estimate for total dwellings approved fell 2.7% in June 2010 and is showing falls for four months.
- The seasonally adjusted estimate for total dwellings approved fell 3.3% and has fallen for three months.
Looking to the original data, building approvals continued to expand as measured by the change in the 12 month rolling average, but at a slowing rate.
Seems reasonable that building approvals should be plateauing given that the current annualised run rate is around 170,000 – which is broadly sufficient to meet demand.
Building approvals around these levels are a net positive for the domestic economy. The trick will be to see if this level can be sustained for any meaningful length of time – as has proven difficult time and again over recent decades.
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