Units continue to drive Building Approvals higher

As was the case last month (see here) today’s release by the ABS of Building Approvals data for August shows the ongoing strength of unit approvals driving the total higher.

In Australia total approvals (seasonally adjusted) rose by 10.1% over the year, although they fell 1.8% this month. However, from a year ago house approvals are down 3.5% while approvals for units have increased by 12.6%. The less volatile Trend series shows approvals up 0.6% m/m and up 4.4% for the year. Total Trend approvals are now rapidly approaching a new record high.

In Queensland we see a similar, if more dramatic, story. Total approvals (seasonally adjusted) were up 13.5% from a year ago (and also up 0.6% from last month). However, house approvals fell 8.7% from a year ago while units recorded a massive 38.4% increase. Trend approvals in Queensland were up 0.3% m/m but remain slightly weaker over the year (down 0.8%).

Regional Building Approvals data will be released next Tuesday. We shall be away from the office then, so will endeavour to get our Conus Trend QLD Regional Building Approvals data available for release as soon as possible after then.

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