The Australian Bureau of Statistics (ABS) has released dwelling approvals data for the month of August. At the national level, the number of dwelling approvals fell by a seasonally adjusted 6.9% to 18,701. The overall fall was driven by the volatile unit and apartment segment, which slumped by 11.4% in August. By comparison, the more stable house approvals segment rose by 4.9% over the month.
The result badly missed analysts’ expectations of a 2% fall in approvals over the month.