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1. The number of residential building approvals in Australia declined 14.9% m/m in December, led by the volatile higher-density component (-31.6% m/m). Detached house approvals rose +0.3% m/m and +5.3% y/y. Total home building approvals in Q4 2025 rose +3.6% q/q and were +6.5% higher than a year earlier.
2. The annualised number of residential building approvals in Australia was close to 200k in Q4 2025, suggesting that actual commencements should have risen a little further in the quarter.
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