(RTTNews) - Australia’s dwelling approvals data for September was disappointing, though there is a possibility for the figures to undergo upward revision overtime, Westpac Senior Economist Matthew Hassan said Wednesday.

The firm noted that the Australian Bureau of Statistics reported a total of 12,476 approvals for September compared to an upwardly revised 12,145 units in August. That represents a monthly increase of 2.7% and an annual growth of 11.7%. Westpac had forecast a monthly rise of 3%, while market expectation was for 2.3% growth.

However, the 0.3% monthly growth seen in private sector house approvals continue to point to sustained upturn in construction, the Westpac economist said. He noted that finance approvals in particular suggest there is a considerable pipeline of work still coming through that is yet to be reflected in dwelling approvals, bringing upward revision to dwelling approval figures.

Moreover, the economist said the trend seen in renovation approvals in the past six months points to a solid positive contribution to economic growth. The value of renovation approvals dipped 1% but a rebound remains firmly in place following a 20% rise over the previous two months.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2009 RTTNews.com, Inc. All Rights Reserved

Posted in Categories: Australia, Economy, Releases.

Subscribe by RSS Subscribe by Email