Total building permits increased 0.7% MoM in December after a -3.6% MoM decline in November.

• However, total private sector houses approved was down -3.0% MoM and -1.8% YoY. When excluding houses, private sector building permits were up 15.2% MoM and 42.7% YoY.
• Total building value approved increased 3.5% MoM, but total residential building value approved actually fell -0.9% MoM.
• The large increase in non-house approvals is consistent with the Australian government’s push to approve more higher density housing to address affordability issues.