The Australian Bureau of Statistics (ABS) has released dwelling approvals data for the month of May. At the national level, the number of dwelling approvals rose by a seasonally adjusted 2.4% to 19,414. The overall rise was driven by the volatile unit and apartment segment, which surged by 16.6% in May. By comparison, the usually more stable house approvals segment slumped by 8.4% over the month.
The result beat expectations, who had expected a 1.2% lift in approvals over the month.