The Australian Bureau of Statistics (ABS) has released dwelling approvals data for the month of October. At the national level, the number of dwelling approvals rose by a seasonally adjusted 3.9% to 19,652. The overall lift was driven by the volatile unit and apartment segment, which jumped by 10.6% in October. By comparison, the more stable house approvals segment fell by 2.1% over the month.
The result smashed analysts’ expectations of a 2.5% fall in approvals over the month.