Tom Devitt

But here's the part that most people don't understand.

Housing industry association senior economist Tom Devitt said the monthly data showed a five-year high but warned They were lagging results because of better conditions in the previous year.

Now, this is important because when you look at the building approvals right now, that's based on new sales that happened previously.

So maybe people who bought properties a few months ago, maybe even a year ago, maybe even before that, they've now got their approvals come through.