June marks another good month for housing approvals

For the six month in a row, private sector housing approvals rose throughout Australia in June, suggesting buying and building activity likely remained strong throughout the winter.

The latest report from the Australian Bureau of Statistics shows that the total number of private house approvals crept up by one per cent in June. Although some states saw a drop in approvals, these were leveled out by strong gains in other states and territories.

South Australia saw the largest jump in private sector house approvals, rising 2.6 per cent in June. Western Australia and New South Wales also reported strong growth of 1.5 per cent and one per cent, respectively, while Victoria saw approvals rise by 0.9 per cent.

The increase in private sector approvals had enough gravity to help overall dwelling approvals rise 0.1 per cent in June. The Australian Capital Territory reported the most robust overall dwelling approval rates, rising 2.7 per cent from the previous month.

What does all this mean? It suggests you can expect the demand for hire equipment to stay high as more renovations are completed on newly purchased homes, or even stronger residential construction data.