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New data from the Australian Bureau of Statistics (ABS) shows that dwelling approvals fell by 12.9% in October and were down 8.1% year-on-year.
The fall was driven by unit approvals, which tanked 37.5%. This was partly offset by house approvals, which rose 4.3%.
Over the year, houses approvals fell 3.7% whereas unit approvals fell 16.5%.
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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.