Australia building approvals collapse in November

FXStreet (Bali) - Australia building approvals (MoM) for November came in at -12.7% vs -3.0% expected and 3.9% last, with the YoY read in November at -8.4% vs 3.9% expected and 12.3% last.

NOVEMBER KEY POINTS

TOTAL DWELLING UNITS: The trend estimate for total dwellings approved fell 1.9% in November and has fallen for eight months. The seasonally adjusted estimate for total dwellings approved fell 12.7% in November after rising for two months.

PRIVATE SECTOR HOUSES: The trend estimate for private sector houses approved was flat in November. The seasonally adjusted estimate for private sector houses fell 0.5% in November and has fallen for three months.

PRIVATE SECTOR DWELLINGS EXCLUDING HOUSES: The trend estimate for private sector dwellings excluding houses fell 3.6% in November and has fallen for eight months. The seasonally adjusted estimate for private sector dwellings excluding houses fell 23.0% in November after rising for two months.

VALUE OF BUILDING APPROVED: The trend estimate of the value of total building approved fell 0.8% in November and has fallen for four months. The value of residential building fell 1.2% and has fallen for eight months. The value of non-residential building was flat in November.

The seasonally adjusted estimate of the value of total building approved fell 5.0% in November following a rise of 6.4% in the previous month. The value of residential building fell 10.2% following a rise of 9.6% in the previous month. The value of non-residential building rose 7.3% following a fall of 0.5% in the previous month.

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