The Gomory-Hu tree or cut tree (Gomory and Hu, 1961) is a classic data structure for reporting $(s,t)$ mincuts (and by duality, the values of $(s,t)$ maxflows) for all pairs of vertices $s$ and $t$ in an undirected graph. Gomory and Hu showed that it can be computed using $n-1$ exact maxflow computations. Surprisingly, this remains the best algorithm for Gomory-Hu trees more than 50 years later, *even for approximate mincuts*. In this paper, we break this longstanding barrier and give an algorithm for computing a $(1+ε)$-approximate Gomory-Hu tree using $\text{polylog}(n)$ maxflow computations. Specifically, we obtain the runtime bounds we describe below. We obtain a randomized (Monte Carlo) algorithm for undirected, weighted graphs that runs in $\tilde O(m + n^{3/2})$ time and returns a $(1+ε)$-approximate Gomory-Hu tree algorithm w.h.p. Previously, the best running time known was $\tilde O(n^{5/2})$, which is obtained by running Gomory and Hu's original algorithm on a cut sparsifier of the graph. Next, we obtain a randomized (Monte Carlo) algorithm for undirected, unweighted graphs that runs in $m^{4/3+o(1)}$ time and returns a $(1+ε)$-approximate Gomory-Hu tree algorithm w.h.p. This improves on our first result for sparse graphs, namely $m = o(n^{9/8})$. Previously, the best running time known for unweighted graphs was $\tilde O(mn)$ for an exact Gomory-Hu tree (Bhalgat et al., STOC 2007); no better result was known if approximations are allowed. As a consequence of our Gomory-Hu tree algorithms, we also solve the $(1+ε)$-approximate all pairs mincut and single source mincut problems in the same time bounds. (These problems are simpler in that the goal is to only return the $(s,t)$ mincut values, and not the mincuts.) This improves on the recent algorithm for these problems in $\tilde O(n^2)$ time due to Abboud et al. (FOCS 2020).