• The number of residential building approvals surged by 9.1% in April to be 27.3% higher over the year.
• Private detached houses grew by 2.5%, while multi-unit dwellings jumped by 18.0%.
• The monthly average for approvals since the beginning of the year is 13.2k, which annualises to about 160k – our target for 2013 approvals and construction.
• The housing recovery could directly add about 0.5 percentage points to 2013 GDP growth.
Click here to read the full report: Economic Research
Commonwealth Bank