Australian dwelling approvals fall 6.1% in August

• The total number of building approvals fell 6.1% to 16,953 in August.
• The total value of the building approved dropped 21.3% to $16.82 billion.
• The decline was driven by lower apartment numbers and a drop in non-residential building values.

The Australian Bureau of Statistics reported that total dwelling approvals across Australia fell 6.1% in August to 16,953 units.

The drop reversed the previous momentum seen in multi-density housing, even as private house approvals rose 3.7% during the same period.

"Approvals for private dwellings excluding houses fell by 21.2% in August, after a 0.8% rise in July," said ABS head of construction statistics Daniel Rossi.

A drop in Queensland apartment approvals led the contraction, falling from 1,330 units approved in July to 337 units in August.

The broader construction market also saw non-residential building values fall 44.8% to $5.53 billion following elevated activity in July.

Meanwhile, housing costs continued to drive broader economic pressures, with housing inflation rising 5.7% over the 12 months to August.