Home building sector recovery gaining pace A
jordan 8 phoenix suns RECOVERY in the home building sector seems to be taking hold, with approvals for houses gaining for the fifth month in a row. Approvals for fully-detached houses rose 2.5 per cent in May, seasonally adjusted, Australian Bureau of Statistics figures show. HSBC Australia and New Zealand chief economist Paul Bloxham said the gain was a positive sign for the housing sector. It shows that other parts of the economy, besides mining, are getting stronger, he said. "We held onto the gains from the previous month and the detached house numbers are rising solidly,"
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"This is a sign of gradual rebalancing of growth in the Australian economy." Total building approvals for new
phoenix suns 8s homes fell 1.1 per cent across Australia in May, which was mostly in line with market expectations. That figure was weighed down by a 9.8 per cent fall in approvals for other dwellings, which includes apartments and townhouses. Mr Bloxham said the other dwellings category is volatile from month to month, and not much should be read into the fall in that category. He still expects the Reserve Bank of Australia to make one more cut to the cash rate by the end of the year. "That may be all they need to do because of the fall in the Aussie dollar," he said.
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