Australia building approvals responses coming in - risk of sharp correction lower

The Australian data earlier was a huge beat, with a subsequent marking up for AUD/USD:

• Australia - Building Approvals (November): +11.7% m/m (vs. expected -1.3%)

Response coming in now from Westpac (in brief, bolding mine):

• Dwelling approvals continued to surprise to the upside in November
• November's uplift was driven by a jump in Victorian approvals ... increase in Victoria was concentrated in private apartment approvals, in particular the high rise component (four or more storey blocks).
• However, the high rise series is typically volatile, and November's surge likely reflects a lumpy project pipeline. This raises the risk of a sharp correction lower in apartment approvals in coming months even though Victoria has been seeing strong population growth.