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Building Approvals fell by 8.7%

Wednesday, Nov 02 2016
Building Approvals fell by 8.7%

The value of total building approved rose 2.1 per cent in September 2016, in trend terms, and has risen for 10 months, according to data released by the Australian Bureau of Statistics (ABS). The result was driven by a 6.0 per cent rise in the value of non-residential building, while residential building fell 0.1 per cent. The number of dwellings approved fell 0.6 per cent in September, in trend terms, and has fallen for four months.

In trend terms, approvals for private sector houses fell 0.5 per cent in September. Private sector house approvals fell in South Australia (1.2 per cent), New South Wales (0.9 per cent), Victoria (0.6 per cent), Queensland (0.5 per cent) and Western Australia (0.3 per cent). In seasonally adjusted terms, dwelling approvals decreased 8.7 per cent in September, driven by a fall in total other residential dwellings (17.5 per cent). Total house approvals rose 1.7 per cent.

 

Aussie is currently being traded around 0.7650 area. Pair is likely to find support around 0.76 handle and resistance above 0.77 area.

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