“Despite a dip in the latest building approvals, residential builders can be confident with a strong pipeline of work for 2016,” Peter Jones, Chief Economist of Master Builders Australia said.

“Approvals were down 12.7 per cent seasonally adjusted in November due to a fall in approvals for high rise apartments after consecutive increases in the previous two months,” he said.

“While approvals are off their peak, they continue to hold at a high level despite monthly volatility particularly in high rise apartment approvals,” Peter Jones said.

“There were 231,489 dwelling approvals in the year to November, up by 15.5 per cent on the previous year,” he said.

“Nonetheless, the fall in approvals in November reinforces the need for the Government policy to be stable and supportive so consumers remain confident in the housing market,” Peter Jones said.