Today saw the release of the Regional Building Approvals data from the ABS. This data is released as an unadjusted series so we need to consider the Conus Trend to make any kind of sense.
When we look at the Local Government Area (LGA) data we see Cairns Regional Council (incl the Douglas Shire) at 60 (down from 65 in Feb) which gives an annual decline of 10.1% (actual 70). This compares with a 2.7% annual Trend decline for QLD as a whole. Townsville City Council sees Trend approvals at 66 (unchanged from Feb) but down 39% from a year ago (actual 61). The Cassowary Coast Regional Council remains stable at 6 which is 28.1% below the level a year ago (actual 9), although the data does suggest some sign of a shift in direction.
When we look at the data for the SA4 areas we see Cairns stable at 100 which is a 3.1% decline over the year. Townsville’s Conus Trend increased slightly to 75 (from 73, although this was revised down from 77) which represents a 54.4% decline over the year.
Looking in more detail at the CCRC data we see that bulk of this month’s approvals (5 of the actual 9) came from the Tully SA2 area (which includes Tully, Mission Beach and Cardwell). So far this Financial Year Tully SA2 has accounted for 50 of the 74 total approvals for the area…or 68%. Innisfail SA2, by comparison, has seen just 3 approvals since July (or 4%). It is very clear where development in the Cassowary Coast is occurring and we would expect to see this confirmed with the Census population data later this year.
What strength there is in building approvals in QLD continues to be driven very much by the SE corner with the Rest of Queensland witnessing little, if any, growth.
The full Conus Trend QLD Regional Building Approvals data is available for download on our Reports page.