Australian Building Approvals – March 2010
Residential building approvals for March released by the ABS today (get the full release here).
Building approvals have now officially recovered. The last 12 months have seen 157,000 dwellings approved for construction and the current run rate suggests that the rising trend is set to continue for a month or two yet. This means we are approaching the current annual dwelling requirement from immigration of around 165,000.
History would suggest that the rate of change in building approvals is about ready to plateau – which given the current monthly run rate is ~190,000 dwellings per annum, not to mention rising interest rates, is a pretty fair bet.