Dwelling approvals have recovered slightly but remain 29 per cent lower year-on-year, according to the latest ABS statistics.
The latest Dwelling Approvals data from the Australian Bureau of Statistics (ABS) has revealed that, in seasonally adjusted terms, total building approvals rose by 2.5 per cent in January, following a 8.1 per cent drop in December 2018.
The uptick in residential dwelling approvals was driven by a 3.8 per cent increase in unit approvals (from an 18.7 per cent fall in December), and a 1.9 per cent increase in house approvals (from a 1.7 per cent decline).
In its analysis of the data, ANZ Research observed: “The overall trend in approvals remains soft, but it is slightly encouraging that the pace of declines at the end of 2018 hasn’t continued.”
However, ANZ Research noted that the number of approvals remains “well below” the annual trend, with total dwelling approvals down 29…
View original post 1,674 more words