Building approvals continue to fluctuate from month to month, according to data released this week by the Australian Bureau of Statistics (ABS).
The latest figures show that the total number of dwellings approved rose 7.5% in October, in seasonally adjusted terms, following a 4.0% decrease in September.
Approvals for multi-unit dwellings increased 19.5%, following a 3.4% fall in September, while approvals to build standalone houses rose 2.2%, following a 4.7% September decrease.
Despite the monthly lift, total approvals have been low this financial year. In original terms, 55,029 dwellings were approved between July and October 2023, compared with 65,599 over the same period in 2022.
The October figures were driven by increases in Western Australia (up 11.0%), Queensland (10.7%), and New South Wales (9.6%). Falls were recorded in Tasmania (down 14.4%), South Australia (7.2%), and Victoria (1.4%).
The value of total residential building approvals rose 7.0% in the month, comprising an 8.9% increase in new home building and a 3.2% decrease in alterations and additions.
