Australian dwelling approvals October 2015: Westpac's Matthew Hassan

GUEST OBSERVER

Approvals came in well above expectations with a 3.9% rise vs consensus forecast of a 2.5% decline.

The upside was due to a jump in high-rise approvals in NSW and Vic, where total approvals rose 20%.

The rest of the detail was soft, consistent with a moderate underlying downtrend in approvals.

Monthly volatility continues to make pinpointing the pace of this slowdown difficult although it still appears to be mild.

Details 

Private houses  -2.1%mth, -1.9%yr  
Private 'units'    10.6%mth, 29.6%yr                

NSW     22%mth, 27.1%yr  
Vic       21.2%mth, 18.1%yr 
Qld       -28.7%mth, 14.2%yr
WA       -1.1%mth, -20.8%yr
SA        23.4%mth, 15.1%yr                 

Alteration & additions^   3.7%mth, 8.9%yr
Non-residential^             -1%mth, 19.6%yr

Matthew Hassan is senior economist with Westpac.