RESIDENTIAL PROPERTY
THE impacts of rising interest rates are beginning to be felt in the latest building approvals data, as November saw a 9.0% decline.
According to ANZ and the Australian Bureau of Statistics (ABS), this comes after a revised decline of 5.6% in October,
Total approvals are now at their lowest level since January 2022, with November seeing a month decline in house approvals of...
While unit declines almost doubled from October’s 11.7% drop, with a 22.7% decline in approvals.
Meanwhile non-residential approvals continued to grow at 2.0%, though this was down from October’s 2.3% increase.
NSW saw the greatest fall in approvals over the month at 18.4%, even with a mild increase in house approvals of 1.2%.
House private sector house approvals, Victoria saw an 8.0% fall, followed by WA at 6.1%, South Australia at 2.6% and Queensland at 1.2%.
While South Australia and Tasmania defied declines for total dwelling approvals with increases of 10.0% and 75.7% respectively over November.
“The fall in building approvals does not dampen our outlook on construction activity through 2023, mostly due to...
The value of building approvals also declined over the month in seasonally adjusted terms, down 1.5% in total, with new residential buildings down...