The ABS has just released building approvals data for October and it shows an amazing bounce of 11.4% which is a complete reversal of the -11% last month and beats the 5% rise the market expected.
However, the jump is made up of units with private sector houses down 0.2% while private sector dwellings excluding houses bounced 31.3% – amazing.
While a bounce of more than 30% is clearly a catch up or a pull forward of building, what it has done is rescue the trend, which was in danger of reversing course, and continues to point to housing as being the one true bright spot in the economy.
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