Australia Building Approvals Sink 4.9% In June

Australia Building Approvals Sink 4.9% In June

The total number of building permits issued in Australia was down a seasonally adjusted 4.9 percent on month in June, the Australian Bureau of Statistics said on Thursday – coming in at 12,213.

That missed expectations for an increase of 1.5 percent following the 15.8 percent contraction in May.

On a yearly basis, consents were down 15.8 percent.

Consents for private sector houses were down 5.7 percent on month and 7.0 percent on year at 8,070 – while consents for private sector dwellings excluding houses sank 5.3 percent on month and 30.5 percent on year at 3,782.

The seasonally adjusted estimate of the value of total building approved rose 7.3 percent in June. The value of non-residential building rose 17.8 percent, while the value of residential building rose 0.1 percent.