New-home approvals rose by 11.7 per cent in November to reach their highest since August 2016, driven by multi-units which saw approvals up by 28.7 per cent.
Even though new detached-home approvals dropped by 2.8 per cent in November the number of approvals was consistent with the rest of 2017.
Though multi-unit approvals can vary month to month the November result is robust given approvals have been trending down.
New homes are vital to the rental market and properly-functioning rental markets are crucial in accommodating employment growth and economic development.
- Housing Industry Association: hia.com.au