The volatile building approvals data from the Australian Bureau of Statistics has again delivered — instead of a large rise, as we had in July, we got a big fall in August.
ABS data showed that total dwellings approved last month fell 6.1% to 13,991. That partially reversed the 11% increase in July (up from 10.4% previously).
Private-sector house approvals rose 0.5% to 9,338 in August following a 0.9% rise in July. Private house approvals are now up 20% from the unexpected low of 7,713 in January of this year.
The totals for July and August were the highest monthly figures since late 2022.
Excluding houses, private-sector dwellings fell 16.5% to 4,418, as approvals for apartments, units. townhouses and the like dropped. That was half the 32.5% jump in July as a backlog of approvals in local government were cleared.
The ABS said the August result was driven by a fall in approvals for high-density apartments. "There were 1,214 apartments approved in nine or more storey blocks in August, in original terms, compared to 2,504 in July," the Bureau said on Tuesday.
"The movements in dwellings excluding houses continue to be the result of volatility in apartment approvals, with the broad environment around apartments remaining subdued," ABS' head of construction statistics, Daniel Rossi, said on Tuesday.
By state, NSW and South Australia had the largest decline in the number of approvals as both fell 11.5%.
