Building approvals picked up significantly in April, data from the ABS showed yesterday.
The total number of dwelling units approved rose by 7.8 per cent to 13.570 billion, seasonally adjusted, over the course of the month.
The rise in total building approvals was driven largely by a 17.5 per cent surge in ‘other dwelling’ approvals to a seasonally adjusted 4.322 billion.
Peter Jones, chief economist of Master Builders Australia, commented that the encouraging lift in approvals “should not be interpreted as the beginning of any strong and sustained recovery, and may simply reflect volatility in apartment approvals and seasonal adjustment issues”.
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