Australia Building permits for August: -1.1% m/m (expected 2.0%)

Building approvals data from Australia August 2019

-1.1% m/m

• expected 2.0% prior -9.7% m/m

-21.5% y/y

• expected -20.0% prior -28.5% y/y

Here are the recent y/y results ….

The m/m data is very 'lumpy', with multi unit developments coming and going. The y/y is a little less so. Not a good looking trend is it? I posted data earlier on house prices improving:

• Australia CoreLogic house prices for September: +1.1% m/m (prior +1.0%)

So maybe that'll relieve some of the pressure on this sector, prompt a few mote development applications. No surge of these evident in the data yet though.