Dwelling approvals were weaker than expected in October, recording an 8.1% pull back from September's 7.2% gain. The Consensus had been looking for a milder 1% fall. The fall takes total monthly approvals back near their July cycle low, down 23.6%yr. The detail was particularly disappointing – rather than a high-rise driven result, weakness was more evenly spread across all dwelling types, detached houses down 11%, mid-low rise unit approvals down an estimated 4.7% and high rise approvals down an estimated 14%. The renewed weakness in non high rise segments is despite tentative signs of stabilisation in recent months ... (full story)