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Housing approvals rise

The Australian property market picked up in November.
The latest government figures show that the construction sector enjoyed a boost in November, after the number of Australian homes approved rose.

Data from the Australian Bureau of Statistics revealed that the overall number of dwellings approved increased by 2.9 per cent during the month, following a 5.1 per cent dip in October.

This figure was boosted by an 8.7 per cent uptick in Victoria that helped to counteract declines witnessed in other states across the country. During the same period, the value of residential building also increased, up 2.7 per cent.

Commenting on the figures, UBS senior economist George Tharenou said that the uplift was largely driven by approvals for multi-unit properties.

"To us it shows an uptrend since the Reserve Bank of Australia started cutting interest rates. But it does show a shift in household patterns to high-density living, which is the more affordable end of the market."

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