Australia Building Approvals Jump 11.9% In June

The total number of building approvals issued in Australia was up a seasonally adjusted 11.9 percent on month in June, the Australian Bureau of Statistics said on Thursday - standing at 17,076.

That blew away expectations for 1.8 percent and was up from the downwardly revised 2.2 percent increase in May (originally 3.2 percent).

On a yearly basis, overall approvals spiked 27.4 percent after adding 0.8 percent in the previous month.

Approvals for private sector houses fell 2.0 percent on month but rose 0.2 percent on year at 9,142, while permits for private sector dwellings excluding houses surged 33.1 percent on month and 87.1 percent on year to 7,594.

The value of total building work approved rose 6.2 percent to A$16.65 billion after an 8.4 percent fall in May.

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