Residential approvals rebound 8.4% in November, but after 10.0% drop. Residential building approvals (number) rebounded a bit more than expected in November, up by 8.4% m/m (UBS 6.0%, mkt: 7.0%), albeit after unexpectedly dropping by 10.0% m/m in October (was -10.7%). The y/y pace remains weak (-18.9%, after -29.8%). Approvals in November are annualising at only 137k – up from 126k in October, which was the lowest level since the GFC (May-09).
