(Australian Associated Press)
Building approvals have again disappointed, falling by a seasonally adjusted 1.1 per cent in August as private house approvals dropped by 2.4 per cent.
The market consensus had been for a 2.0 per cent rise in total approvals following a sharp 9.7 per cent drop in July.
“These data indicate that we’re yet to see a bottom in building approvals and suggests increased risk of a deeper residential construction downturn,” NAB economist Kaixin Owyong wrote in a report
“Total building approvals are at the lowest level since January 2013 and 44 per cent below its November 2017 peak.”
In trend terms, the number of approvals fell by 3.9 per cent in August, the 21st month it has fallen, the Australian Bureau of Statistics announced on Tuesday.
Dwelling approvals dipped in every state and territory, with ACT (27.7 per cent), the Northern Territory (8.7 per cent) and NSW (5.4 per cent) the hardest hit, in trend terms.
There were a seasonally adjusted 12,817 dwelling units approved, down 21.5 per cent from August 2018.
There were a seasonally adjusted 4,592 dwellings other than houses approved, up 3.1 per cent from July but down 28.9 per cent from August 2018.
The value of total building approvals rose 1.1 per cent in August, in trend terms, and has risen for eight months.