Building Approvals

Dwelling approvals bounced a seasonally adjusted 6.3% in January, against market expectations of no change. Trend growth in dwelling approvals was -1.1% MoM, but 13.8% YoY.

Dwelling approvals rose a seasonally adjusted 0.7% in December, slightly less than the 1.0% pencilled in by the market consensus. The rise in dwelling approvals was driven by a bounce in dwellings other than houses, which tend to be volatile. Monthly trend growth decelerated to 1.0%, the slowest since March 2024.The level of approvals remains too low, with only 171k housing approved in 2024.

Dwelling approvals fell a seasonally adjusted 3.6% in November (exp. -1.0%), following an upwardly revised 5.2% increase in October (revised from 4.2%). The annual growth rate decelerated to 3.2% from 6.8%. Monthly trend growth, which looks through the monthly volatility, eased to 1.2% from 1.5%, the slowest rate of trend growth since March.

Dwelling approvals rose a seasonally adjusted 4.2% in October (exp. 1.3%), following a 5.8% increase in September (revised from 4.4%). The annual growth rate decelerated to 6.1% from 6.8%. Monthly trend growth, which looks through the volatility, eased to 1.7% from 1.9%.

Dwelling approvals rose a seasonally adjusted 4.4% in September (exp.: 2.1%), following a 3.9% fall in August (revised up from -6.1%). The increase pushed up the annual growth rate to 6.8% from 4.7%.

Dwelling approvals fell a seasonally adjusted 6.1% in August, (exp. -4.3%) following an 11.0% increase in July (revised up from 10.4%). The trend growth estimate, which looks through the monthly volatility, was soft at 0.6%.