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.”
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