Building Approvals Dropping

Nationally, approvals for appartments rose 27% in November, after falling 22% in October. Shows how statistics can prove whatever you want them to. For new residential houses, approvals for new building rose 3.3% in November, compared to 4.6% in August. With the end of the main First Home Buyer's Grant, and three successive interest rate increases, that drop was to be expected, but probably just reflects how the 4.6% reflected optimistic expectations for interest rates.