In September, the Australian Bureau of Statistics reported a seasonally adjusted increase of 4.4% in building approvals, reaching a total of 14,842 approvals. This aligns with expectations following a 3.9% decline in August. Year-over-year, approvals have increased by 6.8%.
Approvals for private sector houses saw a monthly rise of 2.2% and an impressive annual increase of 16.7%, totaling 9,745. In contrast, approvals for private sector dwellings excluding houses grew by 4.7% month-to-month but decreased by 12.2% annually, amounting to 4,653.
The value of residential building approvals remained stable at AUD 8.04 billion, whereas the value of non-residential building approvals experienced a growth of 3.6%, reaching AUD 5.57 billion.
