The number of residential building approvals spiked by a solid 14.4% in September, battering market expectations of a2.8% rise {CBA (f) +6.0%}. The big increase followed an upwardly revised 1.6% fall in August (pervious -4.7%). Multi-unitdwellings were responsible for the lift, rising by 31.8% over the month. The less volatile housing component rose by 1.5%.
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Commonwealth Bank