The ABS has released its November building approvals data and it’s a big beat on expecations.
Approvals for the construction of new homes jumped 7.5% in November, beating market expectations of a 3% fall.
There were 18,245 dwellings approved in November, made up of 9,305 private sector homes (-0.3% mom) and 8745 private sector swellings excluding houses (+16.7% mom).
The seasonally adjusted estimate of the value of total building approved rose 19.6% in November and has increased for two months.
Strong growth in housing approvals tends to have a strong multiplier effect because people tend to subsequently purchase white goods, furnishings and other fittings to fill them.
Here’s the chart.
— Cameron Kusher (@cmkusher) January 8, 2015