Australian Home-Building Approvals Rise

Australian Home-Building Approvals Rise

Australian Home-Building Approvals Rise

The FINANCIAL -- The number of Australian home-building permits rose by 2.2% in September from August, supported by strong growth in approvals for apartments, according to Nasdaq.

The rise in home-building permits was higher than the 1.5% month-to-month increase that economists were expecting.

Approvals to build or renovate houses and apartments jumped by 21.4% in September from a year earlier, the Australian Bureau of Statistics said on November 2. In August, approvals fell by 9.5% from July.

Permits to build private-sector houses dropped by 1.9% in September from a month earlier, while approvals for apartments and other dwellings rose by 6.1%.