Australia: Dwelling approvals soften further in November
A couple more rate hikes from the RBA are anticipated early this year, lifting the cash rate target to a peak of 3.6%. The combination of higher borrowing costs, falling house prices, and the increased cost to build a new dwelling set a negative backdrop for new dwelling supply.
What you will learn:
- The latest ABS Building Approvals release showed national total dwellings slid in November, down 9% m/m in seasonally adjusted terms to 13,898. This result was weaker than expected.
- Private attached dwellings led the decline, receding 22.7% m/m. Private house approvals eased a much more modest 2.5% m/m.
- Build cost inflation continues to show through for houses but has slowed. The national average approval value for houses hit a record $434,000 – up $100,000 on the pre-pandemic level.
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