House approvals bottoming out
Detached house approvals are now lifting sharply in Perth, and it looks as though Melbourne and Brisbane will also likely follow higher in response to the chronic shortage of dwellings.
Supply in Sydney and Adelaide, on the other hand, still looks very low.
Units are a different story - although there are some coastal hotspots for unit approvals, at the capital city level many projects aren't stacking up, and approvals continue to flounder, especially in Sydney and Brisbane.
The annual approvals continue to appear pretty dire, therefore, with only around 163,000 dwellings approved over the year to May.
However, there's some decent evidence that more detached homes will be built in Perth over the year ahead, with Greater Melbourne and Brisbane likely to follow.
Retail sees heavy price discounting
In other news, retail turnover rebounded to recover from a decline in April, with May seeing a +0.6 per cent rise, which the ABS attributed to some heavy price discounting as part of end of financial year sales. Reported the ABS:
“Many retailers started end-of-financial year sales early, offering larger discounts than usual and noted that shoppers remain price-sensitive in response to persistent cost-of-living pressures,” Mr Ewing said. "
Which kind of sounds like the opposite of consumer price pressures. Judo Bank reported a slight softening in activity its activity gauges, with input price inflation also down to a 33-month low.
Source: Judo Bank
The inflation data to be released on 31 July will be the most keenly awaited data release in a long time for Australia.
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