Despite the rather disappointing QLD Building Approvals data reported on last week (see here), the regional data released this morning shows that things are holding up OK in the Far North. The ABS produce raw (unadjusted) data for the Local Government Areas and this shows Cairns (incl Port Douglas) at 58 in Sept, Cassowary Coast at 7 and Townsville at 177. However, to get any real feel as to what is happening here we need to consider the Conus Trend series (which has undergone a major revision since last month…it would appear that the ABS are not the only ones subject to problems with their statistical models!).
The Conus Trend shows:-
Cairns approvals at 62 (unchanged from last month), +19.6% y/y
Cassowary Coast approvals at 9 (up from 8 last month), +54.5% y/y
Townsville approvals at 157 (up from 154 last month), +38.5% y/y
These contrast with Trend increases of just 3.0% y/y across the State as a whole and just 1% y/y for Australia.
The SA2 level data for CCRC shows that, once again, the bulk of approvals (5 of the 7) have come from the Tully area (which includes Cardwell and Mission Beach).