New data from the Australian Bureau of Statistics indicates a decline in dwelling approvals for October, falling 6.4 per cent to 15,832. This follows an 11.1 per cent increase recorded in September. The downturn was led by a decrease in private sector houses, which fell by 2.1 per cent to 9251. Private sector dwellings, excluding houses, experienced a steeper decline of 13.1 per cent, landing at 6253.
The total value of residential building also saw a significant decrease, dropping 11.8 per cent to $9.03 billion. This was largely influenced by a 13.7 per cent fall in new residential construction. However, non-residential building experienced growth, rising 11.6 per cent to a total value of $7.13 billion.
Across the states, Victoria recorded the most substantial drop in total dwelling approvals, declining by 24.7 per cent. New South Wales also saw a significant fall of 20.6 per cent, followed by Tasmania with a decrease of 15.0 per cent. These figures reflect seasonally adjusted data, providing a clearer picture of the underlying trends in the housing sector across the country.
The Australian Bureau of Statistics (ABS) is the country’s national statistical agency. The ABS provides key statistics on a wide range of economic, social, and demographic topics to inform and assist decision-making, research and discussion within governments and the community.
