Housing Starts

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GUEST OBSERVER
Approvals rose 1.8 percent in Jan, retracing most of a downwardly revised 2.5 percent fall in Dec.
The result was above market expectations of a 0.5 percent dip.
As always, January housing data should be treated with extra caution as the summer low season amplified what are already volatile month to month estimates.
Adding to this, the detail showed the Jan monthly gain was driven by ‘units’ – the lumpier, more volatile component up 6.2 percent/mth. In contrast, private detached house approvals were down 3 percent.
Looking by state, the rebound was led by a 24 percent jump in NSW, again suggesting volatility and seasonal adjustment are exaggerating the picture here.
Notably, the weakness in private sector house approvals was broadly-based with all the major eastern states recording declines. 
Details  Private houses  -3%mth, -9.4%yr Private 'units'    6.2%mth, -14%yr          
NSW     24%mth, 9.4%yr Vic       -5.3%mth, 1.5%yr Qld       -11.9%mth, -45.4%yr WA       3.5%mth, -21.8%yr SA        6.5%mth, -16.9%yr       
Alteration &amp; additions^   -17.7%mth, 2.4%yr Non-residential^                         -14%mth, -13.8%yr ^ value 
Matthew Hassan is senior economist with <a href="https://www.westpac.com.au/" target="_blank">Westpac</a>.
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Housing Starts

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