Contrary to economists’ predictions, building approvals posted another rise in November, but the value of total building has fallen.
Economists had tipped a decline for building approvals in November following a shock rise in October. But ABS numbers released yesterday show dwelling approvals were up 0.2% in trend terms for November, and have now risen for six months.
The number of dwelling approvals was up in Tasmania, the ACT, the Northern Territory, Victoria and WA, but fell in Queensland, NSW and South AUstralia. Approvals for private sector houses also saw a decline, falling 0.3%.
While the number of approvals was up, the total value of building approved fell by 0.7%, and has now fallen for 12 months. The value of residential building fell 0.5%, while the value of non-residential building fell 1.0%.