Higher dwelling approvals in December “noise”, not sustained lift

Summary: Home approval numbers up 8.2% in December; above 1.0% decline expected; down 7.5% on annual basis; “noise” rather than beginning of sustained lift; higher cash rate later in 2022 will reduce borrowing capacity, could slow activity; house approvals down 1.4%, apartments up 26.7%; non-residential approvals down 16.3% in dollar terms, residential alterations up 5.2% over month. Building approvals for dwellings, that is apartments and houses, had been heading south...

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