Data from the ABS for residential building approvals in April shows the highly volatile units sector helping to push the total higher as house approvals barely move. Total (seasonally adjusted) approvals were up 4.4% m/m for a 17.2% decline on the year. House approvals rose by just 0.8% m/m while units were up 8.9% m/m. The less volatile Trend series showed a 0.1% increase for the month with a 13.8% decline for the year.
In Queensland unit approvals leapt by 73.4% m/m (although they are still down 22.4% for the year) which saw the total up by 28.2% m/m despite house approvals continuing to fall (down 1.0% m/m and down 8.8% y/y) and down 16.6% y/y. The Trend series showed total approvals up 3.4% m/m and down 19.9% for the year.