Build Approvals Leap 11.4% In October

Hybrid House by Tasmin Salehian is displayed during the 2014 Sculptures by the Sea exhibition at Tamarama in Sydney. Cameron Spencer/Getty Images

Building approvals in Australia jumped 11.4% in October, according to the Australian Bureau of Statistics.

The market had been expecting a bounce of 5% following an 11% seasonally adjusted drop in September.

In October, the seasonally adjusted estimate for private sector houses fell 0.2% and has fallen for two months.

The seasonally adjusted estimate for private sector dwellings excluding houses rose 31.3% following a fall of 24.5% in the previous month.

The seasonally adjusted estimate of the value of total building approved rose 0.2% in October following a fall of 10.0% in September.

The value of residential building rose 8.0% following a fall of 16.3%.

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