Low interest rates and government stimulus measures for housing during the COVID-19 pandemic have seen building approvals for houses soar to their highest level in 21 years. Domestic demand more broadly also appears to be growing from the depths of recession with new figures showing imports jumping 10 percent late last year. Australian Bureau of Statistics figures show total dwelling approvals rose 2.6 percent in November to 17,205, led by private sector houses increasing for a fifth consecutive month, up by a further 6.1 percent to 11,489. Private house approvals stand 33.6 percent higher than a year earlier. ABS director of construction statistics Daniel Rossi said approvals for private houses had now surged 40 percent since June. “Federal and state housing stimulus measures and low interest rates have resulted in strong demand for detached dwellings,” Rossi said on January 7. Housing Industry Association economist Angela Lillicrap said the extension of …