2023.03.0123:50:00UTC+00Australia Building Approvals Tumble 27.6% In January

The total number of buildings approved in Australia was down a seasonally adjusted 27.6 percent on month in January, the Australian Bureau of Statistics said on Thursday - coming in at 12,065.

That was well shy of expectations for a drop of 8.0 percent following the downwardly revised 15.3 percent spike in December (originally 18.5 percent).

Permits for private sector houses fell 13.8 percent on month to 7,560, while permits for private sector dwellings excluding houses plummeted 40.8 percent to 4,340.

On a yearly basis, permits for overall buildings shed 8.4 percent, while permits for houses sank 12.0 percent and permits for other than houses eased 0.3 percent.

The seasonally adjusted estimate for the value of total building approved fell 18.6 percent in January, following a 1.0 percent rise in December.