Building permits data for Nov.

+11.7% m/m a HUGE beat

  • expected -1.3%, prior +0.9%

+17.1% y/y

  • expected +4.6%, prior +18.4%

AUD marked up a few points immediately

The big November rise was driven by private dwellings excluding houses (+30.6 per cent), i.e apartments/multi

  • Private house approvals fell 2.0 per cent

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Just as an aside, I read from time to time analysis that says it doesn't matter how many houses/apartments are built, prices will not fall. LOL. We'll soon find out how valid that particular piece of lunacy analysis is.