Approvals Both Up and Down

Dwelling approvals fell in August, compared to July, but remained higher than a year ago.

This week’s data from the ABS shows a 6.9% monthly decrease, mostly coming from an 11.4% drop in approvals for units and townhouses. In annual terms the August approvals were up 5.1%.

This month’s decline was driven by a dive in the approval of ‘other dwellings’, which includes apartment blocks and townhouses. The figure fell 11.4% to 8,760 dwellings.

Meanwhile, the number of detached homes approved was stronger, increasing 4.9% to 9,765 in August.