Analysts at Australia and New Zealand (ANZ) offer a quick reaction to the downbeat Australian Building Permits data released earlier on Monday at 0030 GMT.
“October’s 8.1% m/m decline in building approvals was driven by sharp declines in both units (-10.0% m/m) and houses (-6.8% m/m).
October’s drop was a bit bigger than September’s increase, but not by enough to change our view that approvals are finding a base.
While we hope for an upturn, large-apartment development quality concerns and households’ pessimistic economic outlook could cause delay. Vic, SA and WA saw increases in their approvals, while NSW and Qld saw a sharp downturn over the month.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.