FX.co ★ Australia Private House Approvals Rise 0.2%

Private house approvals in Australia edged up 0.2% month-on-month to 9,847 units in February, in line with preliminary estimates, after a 1.7% increase in January. This was the fourth consecutive monthly rise, though it was the most modest gain in the current sequence.

By state, private sector house approvals increased in New South Wales (+13.7%), Victoria (+7.7%), and South Australia (+5.8%). In contrast, approvals fell in Queensland (-13.4%) and Western Australia (-7.1%).

On an annual basis, private house approvals were up 6.1% in February, slowing from an 8% year-on-year increase recorded in January.