02.11.201700:22:00UTC+00Australia Building Approvals Rise Unexpectedly In September

Total number of building approvals issued in Australia increased for the second straight month in September, defying economists' forecast for a decline, data from the Australian Bureau of Statistics showed Thursday.

The seasonally-adjusted estimate for total dwellings approvals climbed 1.5 percent month-over-month in September, following a 0.1 percent slight rise in August. Meanwhile, it was expected to decrease by 1.0 percent.

Private sector dwellings approved grew 2.6 percent over the month and public sector dwellings rose by 2.3 percent.

Approvals for private sector houses went up 0.6 percent and total housing consents climbed by 0.8 percent.

On a yearly basis, total building approvals increased a seasonally adjusted 0.2 percent in September, in contrast to a 2.4 percent fall expected by economists.