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.