The number of residential building approvals lifted by a strong 6.8% in January, bettering market expectations whichcentred on a rise of 0.5% (CBA (f) +1.0%). The solid rise followed an upwardly revised 1.3% fall in December (previous -2.9%). Housing approvals, which are typically the less volatile component of approvals, drove the lift, rising by 8.3% overthe month. Multi-unit dwellings rose by 4.6%. Approvals over January were up by 35% over the year and were at theirhighest monthly level since October 2002.
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Commonwealth Bank