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 11.4% to 17,062, recovering last month’s losses. The overall increase was driven by the volatile unit and apartment segment, which rose by 31.3% in October. By contrast, the more stable house approvals segment fell by 0.2% over the month.
The result beat analysts’ expectations, who had expected a 5% rise in approvals over the month.