Building approvals fell further than estimates in November at 3.6%
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The news: Building approvals declined 3.6% in November, lower than average estimates of a 1% fall, new Australia Bureau for Statistics (ABS) figures show.
The numbers: The total number of dwellings approved fell 3.6% in November to 14,998, following a 5.2% rise in October.
The fall in dwellings approved in November was across all residential building types. Approvals for private sector houses fell 1.7%, while private dwellings excluding houses dropped 10.8%. Despite the fall, approvals for total dwellings remain 3.2% higher than November 2023.
The 1.7% fall in private sector house approvals across Australia follows a 4% fall in October. Despite this, approvals for private sector houses remain 3.8% higher than one year ago. Queensland was the only state to see growth in private sector house approvals in November, with a 4.3% rise.
Private sector dwellings excluding houses fell 10.8%, which was 6.4% lower than one year ago. The drop in November was driven by a large fall in apartment approvals in New South Wales and Victoria, the ABS said, following a strong October result.
The value of total building approved rose 6.6% to $14.32 billion, following a 2.3% fall in October. The value of approved non-residential building rose 18.4% to $5.96 billion, following an 11.2% fall in October.
Total residential building value fell 0.5% to $8.36 billion, made up of a 0.6% fall in the value of new residential building approved, to $7.21 billion, and a 0.3% rise in alterations and additions, to $1.15 billion, in seasonally adjusted terms.
The source: ABS media release
