Building approvals at a 15 month high…
Australian building approvals are back with official data striking its third-highest level on record in November, marking a 15-month high.
But the latest figures from the Australian Bureau of Statistics show the charge is being led solely by Victoria, which recorded a stunning 37.9 per cent gain in the month, compared with a 2.3 per cent fall in NSW.
The Victorian figures pulled the national approvals data higher, with the construction of new homes nationally rising a seasonally adjusted 11.7 per cent in November to 21,055, strongly outperforming market expectations of a 1 per cent decline and eclipsing the previous month’s 0.9 per cent gain.
Meanwhile, in the year to November, building approvals gained 17.1 per cent, the ABS reported in Tuesday’s release.
Approvals for private sector houses were down 2 per cent in the month, and the “other dwellings” category, which includes apartment blocks and townhouses, was 30.6 per cent higher.
Melbourne had powerful growth, with 14,858 dwellings approved in just two months, which might usually be taken as a warning of a looming oversupply, but roaring population growth seems to quieten those concerns.
Alongside Victoria’s 37.9 per cent gain in November, NSW slipped 2.3 per cent, Queensland dropped 2.4 per cent, Western Australia rose 3.9 per cent and South Australia lost 3 per cent.