Apartment approvals down after strong September

Apartment approvals remain strong despite a drop in October, according to data released this week by the Australian Bureau of Statistics (ABS).

The seasonally adjusted figures show that the total number of dwellings approved fell 6.4 per cent in October to 15,832, driven by a 13.1 per cent drop in approvals to build multi-unit dwellings.

Put in perspective, however, this result follows a 25 per cent rise in apartment approvals in September.

ABS head of construction statistics Daniel Rossi noted that approvals to build standalone houses also fell 2.1 per cent, to 9,251 dwellings, after a 3.2 per cent rise in September.

“Private sector house approvals fell in most states”, Rossi said.

“Victoria had the largest fall, down 6.6 per cent, after a 4.7 per cent rise in September.

“The exception was Queensland, where private sector house approvals rose 2.7 per cent.”

Despite October's fall, house approvals are 1.3 per cent higher than in October 2024.

The value of total residential building fell 11.8 per cent (to $9.03 billion) from an all-time high in September. The result comprised a 13.7 per cent decrease in new residential building (to $7.85 billion) and a 3.5 per cent rise in alterations and additions (to $1.18 billion).