Building Plans Approved National Summary September 2022

Private sector building approvals ended marginally higher, up 0.9 percent y-y in September, slowing the overall annual growth rate over the last 12 month period to 5.5 percent. Approvals for new housing developments were weaker but this was counteracted by an increase in approvals for home renovations. Lending rates were increased by 75 basis points in September, resulting in an increase in the prime lending rate to 9.75 percent (from 7 percent same time last year). As further rate hikes are imminent, a slowdown in approvals can be expected.