Australia Private House Approvals m/m show a change in the number of approvals for the construction of private houses granted by the country's state authorities in the reported month compared to the previous one.
The calculation includes the following:
The statistics include approvals for the construction of private residential buildings worth $10,000 or more.
Data for calculation are collected from local government bodies and certifying agencies. Figures are seasonally adjusted, because construction intensity is traditionally higher in some periods. Thus, the seasonal adjustment allows for a more correct month-to-month comparison of data.
The value reflects current demand for housing. It is considered to be a leading indicator of national construction industry activity: an increase in the number of construction approvals will subsequently lead to an increase in projects. Also, the indicator may indirectly affect the banking sector (due to mortgage loans).
However, there is another possible interpretation of the indicator, because an excessive supply in the residential housing market can have a negative effect on prices in the long term.
The chart of the entire available history of the "Australia Private House Approvals m/m" macroeconomic indicator.
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