This morning the ABS will release its latest building approvals report for August, a release that will be heavily scrutinised given signs the upswing in residential construction may be at or nearing its peak.
Here’s the state of play.
- In July approvals jumped by 4.2% to 19,298, leaving the annual increase at 13.4%.
- Unit approvals – always volatile given the lumpy nature of high density construction – soared by 11.73% to 9,819.
- In comparison, detached housing approvals fell by 2.63% to 9,479.
- In five of the past seven months unit approvals outnumbered those for detached housing, reflecting that Australians are tending to move up, not out, at present.
- Over the past year, unit approvals numbered 108,209, an increase of 25% on July 2014. This is the highest level on record.
- House approvals, in comparison, rose by 115,913, 4.8% higher than a year earlier.
- In July, the total value of buildings approved jumped by 7.8%. Residential increased by 5.9% while non-residential jumped by 12.2%, the third gain in a row.
- For August, economists expect approvals to fall 2.0%.
The report will be released at 11.30am AEST. Business Insider will have full coverage as soon as the data drops.
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