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Australian building approvals well ahead of expectations: official report

Xinhua, July 1, 2015 Adjust font size:

Australian building approvals increased twice as fast as analysts predicted in May, as the number of apartments approved surged in the month, official data shows.

The Australian Bureau of Statistics (ABS) data showed the number of buildings approved rose a seasonally adjusted 2.4 percent to 19,414 in May, almost a record-high.

Financial analyst company Bloomberg had predicted a 1.2 percent rise in approvals in May.

May's strong increase was driven by a sharp lift in "other dwellings," which includes apartment blocks and townhouses, local media reported.

The figure surged 16.6 percent, in seasonally adjusted terms, during the month, to 9,954 dwellings -- exceeding the number of detached homes approved in the month.

But the number of approved houses fell a seasonally adjusted 8. 4 percent in the May, to 9,265.

Yet over the same period apartment approvals have surged 46 percent. Endi