The number of residential building approvals fell by 1.1% in May, which was roughly in line with market expectations which centred on a fall of 1.0% {CBA (f) -1.0%). The slight fall was some “statistical payback” following April’s upwardly revised 9.5% surge in approvals. Multi-units took a breather and fell by 9.8% in May following a 17.9% spike in April. Private detached houses continued their upward march and rose by 2.5% after posting an upwardly revised 2.9% increase in April.
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Commonwealth Bank