WA building approvals rise 10%

Building approvals in Western Australia have risen nearly 10 per cent in October as national approvals unexpectedly fell, new figures show.

The Australian Bureau of Statistics today said WA approvals rose from September's 2,020 to a seasonally adjusted 2,216.

Compared to October last year, WA building approvals jumped 40 per cent from 1,584.

The figures come as the median value of a house rose 0.51 per cent to $498,541 in October while new home sales dipped 3.4 per cent.

Nationally, building approvals fell by a seasonally-adjusted 0.6 per cent in October to 12,814 units, when economists' forecasts had centred on a 2 per cent rise.

However, approvals for private homes jumped by 5 per cent to 9,642 properties, a 10th consecutive increase, and buoyed by a generous government housing grant and low interest rates.

The volatile "other dwellings" category - such as apartments and townhouses - dropped 19.3 per cent to 2,512 units.

The Reserve Bank is holding its monthly board meeting and most economists expect the central bank to raise the cash rate for an unprecedented third month in a row, lifting the rate by 25 basis points to 3.75 per cent.