Building approvals slowed in November but beat forecasts
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The news: Total dwelling approvals rose by 1.6% in November, beating expectations of a 1.9% slump thanks to apartment approvals.
The numbers: The 1.6% increase came after a 7.2% lift in October, as private sector dwelling approvals rose 6.7% and private sector house approvals fell 1.7%.
Total dwelling approvals increased in Victoria (+7.8%) and South Australia (+6.0%) and swung the other way for Tasmania (-22.6%), Queensland (-14.6%), NSW (-6.9%) and Western Australia (-5.5%).
The context: Approvals are lower for the financial year so far, with 70,900 dwellings approved from July to November in 2023, compared with 81,954 in the same period in 2022, as high interest rates, inflated materials costs and labour shortages weigh on new builds.
The source: ABS Media Release
