Australian approvals to build new homes surged to a record high in November as high rise living becomes ever more fashionable and affordable, a trend that promises to underpin economic growth for some time to come. Thursday's figures from the Australian Bureau of Statistics showed approvals jumped 7.5 percent in November to confound forecasts of a 3.5 percent fall. The gain was all the more significant as it followed an 11.5 percent increase in October.
The rush was led by the multi-unit sector, and especially apartment towers, where approvals leaped 16.7 percent in November to the highest since the data began in 1983. In all, some 18,245 homes won approval at a value of A$5.5 billion, again both all time highs.
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