Australian Home Building Approvals Disappoint In August

Australian residential building approvals were down a seasonally adjusted 4.7% in August, falling past market forecasts of about 2%.

The ABS said today’s data release reflected ongoing volatility in the residential building market. Building approvals rose a seasonally adjusted 10.8% in July.

In trend terms, a total of 13,896 dwelling units were approved in August, resulting in a 0.1% month-on-month and 5.8% year-on-year rise, driven predominantly by a 0.6% month-on-month rise in house approvals.

Residential building approvals have risen for 19 consecutive months in trend terms.

There’s more on the ABS.

Follow Business Insider Australia on Facebook and Twitter

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at