Home approvals up
Detached house approvals are really surging back in Perth now, and it looks as though there is also a solid uptrend in place for Melbourne, as well as in Greater Brisbane…where supply is urgently needed.
Adelaide also now looks to be shaping upwards, but supply is really struggling in Sydney.
There were 2,000 attached dwelling approvals in Melbourne in July, but Sydney and especially Brisbane continue to record very low unit approvals figures.
With home approvals turning a corner, there were around 14,800 approvals in July for the best seasonally adjusted result in more than a year, and the trend looks much healthier now.
In context, though, approximately 165,400 dwellings over the year was a modest bounce off 11¼-year lows.
Non-residential approvals had been exceptionally strong in 2023, but as infrastructure projects wind up approvals activity in this space is fading fast.
---
In other news, the early partials for economic growth in Q2 look to be soft, as detailed by
James Foster here.
Business operating profits and the national wages bill are following commodity prices lower, and inventories are set to subtract from growth in the June quarter, meaning that another soft result for GDP growth is likely.
Indeed, more broadly the Aussie economy appears to be slowing significantly.
Job ads fell for a 7th straight month in August to be down -23 per cent over the past year to a 3-year low, according to ANZ-Indeed. CommSec came forth with the relevant chart:
Meanwhile, the Melbourne Institute's monthly inflation gauge actually fell -0.1 per cent in August, and the reported annual trimmed mean inflation dropped from 2.5 per cent to 2.2 per cent last month, for a 32-month low.
If the official quarterly ABS inflation figures follow in anything like the same vein then Australia's hawkish monetary policy stance will be suddenly undertaking a remarkable volte-face.
---
P.S. Whenever you’re ready…here are 5 ways I can help you manage your own money and go next level wealth:
- Boom or Bust – 20 minute online workshop for investors
Register for my next free online training - Boom or Bust? How to change your investment plan - book in here
You also download a free copy of my e-book The Only 6 Ways to Become Wealthy here.
2. Download our property buying guide
Download our free property buying guide here.
You can also check out a few of our recent property investment purchases here.
Get in contact with us today if strategic property investment is your thing.
3. Subscribe to our Top 10 Podcasts for Investors
Listen in to our podcasts
The Australian Property Podcast is rapidly becoming one of Australia's biggest business podcasts, now with well over 50,000 audio downloads per month, and growing fast.
And our popular Low Rates High Returns Show also remains available on Spotify.
4. Subscribe for my free daily blog
Subscribe for my free daily blog with some 3.7 million hits here.
You can also catch up with me daily on Twitter here, where I'm active daily and have over 14,400 followers.
By the way, I'm a 7-times published author on finance and investing, so you can check out some of my books here.
My new book, co-authored with Cate Bakos is available to buy here or on Amazon here - follow our book release on Facebook here and at our Buy Right podcast series here.
5. Work with me privately
For a limited time you can book in a free diagnosis call with me here, so book in a call today.
