The Australian Bureau of Statistics (ABS) has released dwelling approvals data for the month of September. At the national level, the number of dwelling approvals fell by a seasonally adjusted 11% to 15,004. The overall fall was broad-based, with the volatile unit and apartment segment falling by 21.9% and the more stable house approvals segment falling by 2.3%. The result disappointed analysts’ expectations, who had expected a 1.0% decline in approvals over the month.
In the year to September 2014, dwelling approvals fell by a seasonally-adjusted 13.4%, with house approvals up by 8.6% and unit approvals down by 34.4%:
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