A brief reprieve for Building Approvals today:
- The seasonally adjusted estimate for total dwellings approved rose 3.6% in November.
- Private sector houses rose 1.4%, while private sector dwellings excluding houses increased 9.7%.
- The value of non-residential building approved rose 28.3%.
November key figures, seasonally adjusted Nov-21 Monthly change Yearly change no. % % Total dwelling units approved 16,448 3.6 -7.7 Private sector houses 10,892 1.4 -8.1 Private sector dwellings excluding houses 5,315 9.7 -5.5
The number of dwellings approved in Australia rose 3.6% in November, in seasonally adjusted terms. This follows a 13.6% decline in October.
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Private sector house approvals rose 1.4% in November, to 10,892, following a 3.5% rise in October. Private sector dwellings excluding houses rose 9.7%, following a 37.9% fall in October.
The value of total building approved rose 14.8 per cent in November, in seasonally adjusted terms. The increase was driven by a rise in the value of non-residential building (28.3 per cent), bouncing off a 20.0 per cent fall in October.
The value of total residential building rose 7.1 per cent, comprised of a 8.5 per cent increase in the value of new residential building, and a 0.8 per cent fall in alterations and additions.
Expect more downside ahead as stimulus rolls off and house prices stall out and begin to fall in some major cities on the fixed mortgage rate shock.