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Australia’s residential building approvals are expected to continue to trend lower in the near term given the tighter credit conditions facing both developers and would-be new home purchasers, according to the latest report from ANZ Research.
Further, building approvals fell a sharp 9.4 percent in August, following a weak result in July (-4.6 percent m/m). Total residential approvals are down close to 14 percent y/y, with units approvals (-24 percent) seemingly more affected by tighter credit conditions than house approvals which have fallen a much more modest 4 percent.
Across the states, ACT saw a very sharp fall (-65 percent) as a jump in unit approvals in July was reversed, while Victoria was also very weak with a 35 percent m/m drop in unit approvals. Unit approvals in Victoria are now down a sharp 46 percent y/y. Approvals were also weak in Queensland, while WA saw a solid rise.
Meanwhile, non-residential approvals fell a sharp (-24 percent m/m), following the 31 percent jump in July. This series is particularly volatile, but is trending lower after a very strong 2017.
