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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 fell by a seasonally adjusted 1.5% to 17,070. The overall fall in approvals was driven by the volatile unit & apartment segment (-4.8%), whereas the detached house segment (+2.7%) posted an increase.
In the year to October 2018, dwelling approvals fell by a seasonally-adjusted 13.4%, with house approvals down 4.1% whereas unit approvals fell by 22.2%:
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.