Australia's Nov building approvals beat expectations

Australia's building approvals (Nov) came at +7.0% m/m vs +4.5% exp and -12.6% last, while the yearly reading stood at -4.8%y/y vs -5.7% exp and -24.9% last.

NOVEMBER KEY POINTS

TOTAL DWELLING UNITS

• The trend estimate for total dwellings approved fell 2.9% in November and has fallen for six months.
• The seasonally adjusted estimate for total dwellings approved rose 7.0% in November after falling for three months.

PRIVATE SECTOR HOUSES

• The trend estimate for private sector houses approved fell 0.4% in November and has fallen for eight months.
• The seasonally adjusted estimate for private sector houses fell 0.2% in November and has fallen for two months.

PRIVATE SECTOR DWELLINGS EXCLUDING HOUSES

• The trend estimate for private sector dwellings excluding houses fell 5.7% in November and has fallen for six months.
• The seasonally adjusted estimate for private sector dwellings excluding houses rose 18.5% in November after falling for three months.

VALUE OF BUILDING APPROVED

• The trend estimate of the value of total building approved fell 2.6% in November and has fallen for four months. The value of residential building fell 2.8% and has fallen for six months. The value of non-residential building fell 2.3% and has fallen for three months.
• The seasonally adjusted estimate of the value of total building approved rose 2.3% in November following a fall of 29.0% in the previous month. The value of residential building rose 5.6% after falling for three months. The value of non-residential building fell 3.7% and has fallen for two months.