Building approvals is lumpy data due to the impact of multi-unit developments popping in and out of the data. The y/y smooths this out a bit (or at least compared with m/m).
-0.2% m/m
- expected -5.0%
- prior +11.8%
2.7% y/y
- expected -1.4%
- prior -3.8%
A nice pair of beats.
Earlier we got still higher house prices - so a few indicators again stability to improvement in this sector.
Approvals recently:
