The value of dwelling commitments jumped 1.7% to $26.934 billion in November, seasonally adjusted, as the number of home loans granted also rose.
The increase was slightly above analyst expectations, as the figures from the Australian Bureau of Statistics revealed the number home loans granted rose 1.1% to 52,912.
The value of owner-occupied housing commitments increased 1.5% to $10.383 billion.
Despite these jumps, the number of new dwellings purchased fell 4.3% to 2,856, compared to October 2013.
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NZ dollar tipped to exceed the AUD
The New Zealand dollar could become more valuable than the Australian dollar, according to an analysis from HSBC Bank Australia.
HSBC’s Adam Richardson and Paul Bloxham write in a new report that New Zealand has begun an economic boom spurred partly by the rebuilding of quake-ravaged Christchurch, which the authors write could be as important an economic driver of the Kiwi economy as the resources boom has been for Australia.
“New Zealand is set for a strong 2014, with the economy already firing on all cylinders,” the report states. This means the New Zealand dollar could surpass the Australian dollar in value for the first time in four decades.
This morning, the Australian dollar was trading at 90.03 US cents. The New Zealand dollar was buying 82.99 US cents. HSBC predicts it could rise to 87 US cents by the end of 2014, as the Kiwi economy expands by 3.4%.
Shares down on open
Aussie shares have dropped slightly this morning, as Wall Street remained flat on Friday.
The S&P/ASX200 was down 9.9 points to 5302.5 at 12:03pm AEDT. Overnight on Friday the Dow Jones lost 7.71 points, down 0.05% to 16,437.05.