ONLY CHARTS

Edition #25

1. Australia’s producer price index data show a marked pick-up in price growth for higher-density housing (probably because the inputs/labour are closer substitutes with the booming non-residential construction sector)

2. The value of new housing loan commitments in Australia fell 4.1% m/m in December, with a larger fall for owner-occupiers (-5.6% m/m) than investors (-1.3% m/m)

3. Owner-occupier housing loan commitments for the purchase of existing homes fell sharply in December

4. The decline in owner-occupier housing loan commitments in Australia has coincided with a pullback in Google searches for display homes

5. In contrast, Australian Google searches for “investment property” have increased sharply

6. The number of residential building permits issued in New Zealand rose a bit in December but were 3.4% q/q lower in Q4 2023

7. Home building permits in New Zealand fell sharply in every major region last year

8. The volume (by floor area) of non-residential building permits issued in New Zealand fell sharply in late 2023

9. The US has much stronger labour productivity growth on its side in the battle to get services inflation down