Building approvals pull back in November

Approvals pull back

New house approvals were modestly lower in November.

Approvals for detached homes are rising in Perth and Adelaide, but are fairly directionless elsewhere, and are still falling in Sydney. 

The unit market is interesting.

Coastal markets seem to be faring reasonably well, overall, but the capital cities are very lacklustre for building approvals. 

Sydney (1,502 approved in November) and Melbourne (1,878) are still running at very low levels, as is Brisbane (644). 

Patching it together, there were just slightly under 15,000 approvals for the month, seasonally adjusted, which is a modest improvement from the cycle lows of around 13,000 per month. 

The government's stated target of 1.2 million homes in 5 years would require approvals to be running at around 20,000 per month, and that's most likely not going to happen until unit prices rise in Sydney and Melbourne, and interest rates come down. 

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