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Australian housing permits post record month on apartments

Posted on 03 July 2012

Australian home-building approvals soared in May on apartment projects, a sign housing demand may accelerate after the central bank cut interest rates. The local currency advanced.
The number of permits granted to build or renovate houses and apartments gained by a record 27.3 percent from April, when they fell a revised 7.6 percent, the Bureau of Statistics said in Sydney today. The result was more than five times greater than the median forecast for a 5 percent gain in a Bloomberg News survey of 19 economists………………………………………..Full Article: Source


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