The latest housing approvals figures are "the clearest sign to date that Australia's high-rise driven dwelling construction boom is starting to turn down," Westpac economist Matthew Hassan says.

ABS data released on Wednesday morning showed total approvals fell 13 per cent in October, on a seasonally adjusted basis, with September's 8.7 per cent decline revised to a 9.6 per cent drop. The consensus forecast among economists was for a 1.5 per cent rebound.

High-rise approvals have hit a two-year low. Credit:Robert Shakespeare

Building approvals have now dropped in each of the past four months.

But the very volatile high-rise approvals figure showed a monthly decline in October of about 40 per cent, hitting a two-year low.