The number of total dwellings approved in Australia rose by 4.2% to 15,498 in October, following a 5.8% increase in the previous month, according to seasonally adjusted data released by the Australian Bureau of Statistics (ABS).
Daniel Rossi, ABS head of construction statistics, attributed the rise to significant growth in apartment approvals in New South Wales and Victoria.
"The overall rise this month was driven by an increase in apartment developments approved in New South Wales and Victoria, with private dwellings excluding houses rising 24.8 per cent," Rossi said.
"Meanwhile, private sector house approvals fell by 5.2 per cent in October, after reaching a two-year high in September."
South Australia was the only state to record growth, with a 1% increase to 905 housing approvals, its highest level since August 2021.
In buildings with nine or more storeys, 2,782 apartments were approved in October, compared to 1,815 in September.
This marks the highest level of high-rise apartment approvals since January 2024.
Despite the rise in total dwelling approvals, the value of total building approvals fell by 3.7% to A$13.21 billion in October, following a 1.2% increase in September.
The decline was led by a 13.4% drop in non-residential building approvals to $4.89 billion.
However, the value of residential building approvals rose 3.2% to $8.33 billion, driven by a 4.4% increase in new residential building value to $7.21 billion.
The value of alterations and additions also declined by 4.2% to $1.12 billion.