by Chris Becker
The ABS just released the Building Approvals data for November and while the headline seems sharp (up 7.5% seasonally adjusted, but only up slightly on trend basis), it appears to be all about apartments:
TOTAL DWELLING UNITS
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- The trend estimate for total dwellings approved rose 0.2% in November and has risen for six months.
- The seasonally adjusted estimate for total dwellings approved rose 7.5% in November and has risen for two months.
PRIVATE SECTOR HOUSES
- The trend estimate for private sector houses approved fell 0.3% in November and has fallen for eight months.
- The seasonally adjusted estimate for private sector houses fell 0.3% in November and has fallen for three months.
PRIVATE SECTOR DWELLINGS EXCLUDING HOUSES
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- The trend estimate for private sector dwellings excluding houses rose 1.0% in November and has risen for six months.
- The seasonally adjusted estimate for private sector dwellings excluding houses rose 16.7% in November and has risen for two months.
VALUE OF BUILDING APPROVED
- The trend estimate of the value of total building approved fell 0.7% in November and has fallen for 12 months. The value of residential building fell 0.5% and has fallen for five months. The value of non-residential building fell 1.0% following a rise of 0.5% in the previous month.
- The seasonally adjusted estimate of the value of total building approved rose 19.6% in November and has risen for two months. The value of residential building rose 15.3% and has risen for two months. The value of non-residential building rose 29.7% following a fall of 13.1% in the previous month.
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The trend in value terms over the last 12 months is worrying given the RBA expects a proper handoff from the mining boom to the construction boom. I’ll have a deeper look later.