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New data from the Australian Bureau of Statistics (ABS) shows that dwelling approvals fell by 4.3% in September but were up 12.8% year-on-year.
The fall was driven by detached house approvals, which tanked 16.0%. This was partly offset by unit approvals, which surged 18.1%.
Over the year, houses approvals fell 2.7% whereas unit approvals rocketed 47.2%.
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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.
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