Mixed Approvals Data

Submitted by kgns on Sun, 04/10/2009 - 11:12am

ABS approvals data for July produced mixed results, with an increase in house approvals, another decline in unit and townhouse developments, and extreme variations by non-dwelling sector, according to Master Builders Australia.

Mr Peter Jones, Chief Economist, said “On the dwelling side, the latest figures are a mixed bag, with further evidence that the supply of houses is beginning to respond to the pick up in demand, but with investor-driven approvals of units and apartments remaining in the doldrums.

“The fall in unit and apartment approvals suggests that part of the supply chain has yet to overcome strong negative forces that have developed over the past 12 months.
“The concern is that the fragile housing recovery is still very one-dimensional, and remains hamstrung by tight lending requirements affecting investor-driven unit and apartment builders.”

He said, “A housing recovery, so critical to a sustainable economic downturn, is by no means a foregone conclusion, with the looming fall back associated with the end of the First Home Owner ‘boost’ scheme another hurdle to overcome.

“Non-residential building data reveal extreme differences by sector, with approvals in the 3 months to August for the education sector up a staggering 640 per cent on the corresponding 3 months last year, as the Government’s BER stimulus program ramps up, but in stark contrast to the ailing commercial building sector which is down by more than half over the same period.

“Although non-residential approvals are down 22 per cent year-on-year, Master Builders believes the Government’s stimulus measures will help maintain 50,000 jobs that would otherwise have been lost.”

“Ultimately, the economy needs the private sector to drive a resumption in sustainable growth and any pre-emptive rise in interest rates by the Reserve Bank would threaten a still vulnerable economy.”

•   The total number of dwelling units approved, seasonally adjusted, fell by 0.1 per cent to 12,126 in August, to be unchanged on the same month in the previous year.
•   Private sector house approvals rose by 3.1 per cent to 8,880 to be up 10.8 per cent on the same month last year. The more volatile private sector ‘other dwellings’ (apartments and townhouses), fell by 11.7 per cent in August to be 32.3 per cent lower than in August 2008.
•   The value of non-residential building approvals, seasonally adjusted, rose by 68.7 per cent in August, and is up 40.2 per cent on August 2008.

Via http://www.masterbuilders.com.au/about.html

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