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Australia Building Approvals Surge 19.9% In February

The total number of building permits issued in Australia was up a seasonally adjusted 19.9 percent on month in February, the Australian Bureau of Statistics said on Wednesday - coming in at 15,698.

That beat expectations for an increase of 3.0 percent following the 15.3 percent decline in January.

On a yearly basis, total approvals fell 5.8 percent.

Approvals for private sector houses were down 0.8 on month and 4.9 percent on year to 8,577, while approvals for private sector dwellings excluding houses skyrocketed 61.7 percent on month but fell 7.9 percent on year.

The seasonally adjusted estimate of the value of total building approved rose 4.6 percent in February.

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