CSR is well positioned in Australian building materials, but volumes look unsustainably high.
Australia’s November housing approvals were surprisingly strong, with 17.1% growth on the previous corresponding period, or pcp, to 22,532 units. Despite this strength, approvals for the full calendar year are still tracking to decline around 5% and we forecast approvals and completions to decline by 9% in 2018. With some cost inflation, we forecast new residential construction spend, which stems from housing approvals, to decline around 6% to AUD 61.3 billion in 2018. Offsetting this weakness, ...
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