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The Australian Bureau of Statistics (ABS) yesterday released dwelling approvals data for the month of August. At the national level, the number of dwelling approvals fell by a seasonally adjusted 1.6% to 13,691. The overall fall in approvals was driven by the volatile units & apartments segment (-11.0%), partly offset by a 4.8% increase in house approvals.
Over the year, dwelling approvals rose by 0.6%, with house approvals rising by 12.4% and unit & apartment approvals falling 18.4%:
A chart showing the time series of seasonally-adjusted dwelling approvals at the national level is provided below, split-out by detached houses and units & apartments:
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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.
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