Building Approvals show some improvement in FNQ

After last months’ disappointing building approvals data, today’s numbers for May indicate a slightly stronger picture in the Far North. The headline, unadjusted data from the ABS is always too volatile to discern direction from, but the Conus Trend paints a picture. The unadjusted data showed 98 approvals in Townsville, 68 in Cairns & Douglas and 9 in the Cassowary Coast.

The Conus Trend series show Townsville sliding further down to 108 (after April was revised down to 109 from 112), Cairns & Douglas at 66 (down from 69 in April, although this in turn was revised up from 63) and 7 in Cassowary Coast (down from 8 in April which was revised up from 7). The graph below shows the pattern whereby we see Cairns on a gradual upward track, Cassowary Coast struggling to gain any upward momentum and Townsville still falling.

Looking at the Conus Trend on a year/year basis we see Townsville having fallen 12.8%, Cairns & Douglas up 14.6% and Cassowary Coast down 17.3% (although with nominal approvals so low this comparison hardly makes any sense….Trend has fallen by just 1.5 over the year!).

Looking at the CCRC data in more detail we see the 9 approvals heavily weighted towards the Tully SA2 (which includes Cardwell and Mission Beach) with 6 houses approved, 2 units were approved in Innisfail and one further house in South Johnstone.

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