Australian Building Permits better than expected, +3.3% for September

Joshua Gibson FXStreet

Australia's m/m Building Permits came in at 3.3%, beating the expected reading of 3.0% and putting further distance on the previous month's -9.4% contraction.

Despite the improved reading, the annualized reading is highlighting the Australian housing market's struggles, with the y/y Building Permits figure declining by -14.1%, further slipping from the previous reading of -13.6%.

Key highlights (via ABS)

TOTAL DWELLING UNITS
The trend estimate for total dwellings approved fell 1.9% in September.
The seasonally adjusted estimate for total dwellings approved rose 3.3% in September.

PRIVATE SECTOR HOUSES
The trend estimate for private sector houses approved fell 1.5% in September.
The seasonally adjusted estimate for private sector houses fell 2.7% in September.

PRIVATE SECTOR DWELLINGS EXCLUDING HOUSES
The trend estimate for private sector dwellings excluding houses fell 2.7% in September.
The seasonally adjusted estimate for private sector dwellings excluding houses rose 9.2% in September.

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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