Building Approvals in Queensland jump on the back of units

The ABS Building Approvals data for February shows a sharp improvement at both a state and national level with unit approvals being the main leader of the improvement.

Seasonally adjusted data for Australia shows approvals up 8.3% m/m for a decline of 4.9% y/y (after some upward revisions to previous months). Approvals for house rose 5.7% for the month but remain 4.4% weaker from a year ago while unit approvals were up 11% and are down 5.4% for the year. The less volatile Trend series showed a 0.8% increase for the month and a 11.5% decline over the year.

In Queensland we saw total approvals (seasonally adjusted) jump by 33.7% although the year on year data is still down 14.2%. This dramatic jump was solely on the back of unit approvals which rose 80.4% from last month while houses fell 12%. Over the year house approvals are up just 0.7% while unit approvals (despite this month’s surge) are down 28.3%. The Trend series shows total approvals down 0.7% for the month and down 31.6% over the course of the year.

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