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eTradesman.com.au - Australia's Online Tradesman Directory

Rise in House Approvals Offsets Last Month's Fall

A pick up in dwelling approvals in May more than offsetting last month’s fall is welcome, but should not be interpreted as the beginning of any sustained upturn, according to Master Builders Australia the peak body for the building and construction industry. Mr Peter Jones, MBA’s Chief Economist, said “Notwithstanding statistical volatility in the monthly data, private sector house approvals were surprisingly strong in May, with the emerging recovery yet to be set back as the lagged effect of higher interest rates flows through over the coming months.” He said, “Despite the rebound in private ‘other dwellings’ (apartments and units) in May following a big fall in April, this sector of the market will continue to struggle, with the recent rate rise to only prolong the downturn.” “The total number of dwelling units approved, seasonally adjusted, rose by 3.3 per cent to 12,729 units in May, to be 11.7 per cent lower than the same month in the previous year.” “Private sector house approvals rose by 2.8 per cent to 8,858, to be down 3.1 per cent on the same month last year.” “The more volatile private sector ‘other dwellings’ (apartments and townhouses), rose by 10.0 per cent in May, to be 25.6 per cent lower than in May 2005.” “In trend terms, the value of non-residential building approvals rose 1.4 per cent May to be up 9.1 per cent on the same month a year ago. The value of alterations and additions fell 0.7 per cent in May, but was up 2.5 per cent on May last year.” Master Builders Association of Australia<-i>
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