Home approvals “catching up”; down 9% in November

09 January 2023

 

Summary: Home approval numbers down 9.0% in November, below expectations; 15.1% lower than November 2021; dwelling approvals catching up with other indicators hit by rising rates; house approvals down 2.4%, apartments down 19.9%; non-residential approvals up 2.0% in dollar terms, residential alterations down 9.2%. Building approvals for dwellings, that is apartments and houses, headed south after mid-2018. As an indicator of investor confidence, falling approvals had presented a worrying signal,...

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