Analysts at Westpac points out that Australian dwelling approvals moved sharply lower in November as they slumped by 9.1%, following a fall of 1.4% in October and the pace of decline being a downside surprise.
Key Quotes
“Approvals are now 32.8% below the level of this time last year. However, this figure overstates current weakness due to a stepping off issue (last November approvals jumped 18% only to then fall back 23% the next month – yes this is a volatile series).”
“In trend terms in November, approvals fell by 2.3% in the month to be 18.3% below a year ago.”
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