The Australian Bureau of Statistics figures showed the number of buildings approved rose 3.9% in October to a total of 19,652 dwellings, though still below July’s peak of 20,642 dwellings.

 

Analysts surveyed by Bloomberg had predicted a 2.5% decline.

 

“The number of dwelling approvals remains at record highs with the strong pipeline of work to keep builders busy well into 2016,” Peter Jones Chief Economist of Master Builders Australia said.

 

“Master Builders expects the high level of approvals to translate into 220,000 starts this financial year taking the cumulative total to more than 600,000 in three years, for an increase of 30% on the previous three years,” he said.