Housing approvals have come off the boil, with a surge in apartment development approvals propping up the October numbers.
The latest Australian Bureau of Statistics (ABS) data shows the total number of dwellings approved in October rose 4.2 percent, to 15,498, following a 5.8 percent increase in September.
ABS Head of Construction Statistics Daniel Rossi said private sector house approvals fell by 5.2 percent in October, after reaching a two-year high in September.
“The overall rise this month was driven by an increase in apartment developments approved in New South Wales and Victoria, with private dwellings, excluding houses, rising 24.8 percent,” Mr Rossi said.
He said private sector house approvals fell 5.2 percent, to 9191 dwellings, following a 4.1 percent rise in September.
“Despite the fall, private sector houses remain 2.4 percent higher than a year ago.”
Mr Rossi said private sector dwellings, excluding houses, rose 24.8 percent, to 5859 dwellings, which was 7.1 per cent higher than a year ago.
He said in nine or more storey blocks, 2782 apartments were approved in October, compared to 1815 in September.
“This was the most high-rise apartments approved since January this year.”
