The most recent data released by the Australian Bureau of Statistics has revealed that the number of residential building approvals in Australia registered a marginal, seasonally-adjusted, 0.6 percent fall, to 12,814 dwellings, in October. Nonetheless, the number remained 11.7 percent more than the year-before figures.

As per the data forwarded, the value of total buildings approved plunged 7.2 percent, with the non-residential buildings undergoing the biggest fall of 14.4 percent. Meanwhile, the value of additions to existing residential property rose 0.3 percent to $537.9 million in October, though the year-on-year figures fell 6.8 percent.

The notable variance between number of residential building approvals and their value is a clear indication of the fact that there has been comparatively more construction in the lower price brackets, which is explicitly consistent with the heave in first-home buyer activity during the past year.

Most of the big moves in approvals over the last few months have been in the non-residential category, where the demand has seen a boost – thanks to the fiscal stimulus package, particularly the Education Revolution program for school buildings.

Meanwhile, in the private sector, the number of houses that received approvals showed an increase of 5 percent, thereby marking the tenth consecutive rise. On the other hand, approvals in the unstable “other dwellings” category – comprising apartments and townhouses – tumbled 19.3 percent to 2,512 units.