Building Approvals dip nationwide but QLD might be doing better

The ABS data for Building Approvals for May came in significantly weaker than had been expected with a fall of 5.6% m/m seasonally adjusted for a 19.7% decline on the year. The more stable (less interesting, and therefore less commented upon…but more reliable as an indicator) Trend series had approvals down by 1.9% for the month and 18.1% over the year. 

In QLD a recovery in the units market saw approvals looking better (at least on the Trend basis). Seasonally adjusted data showed a 10.5% decline for the month and down 13.1% for the year but the Trend showed a 2.2% increase for the month (which is the 5th consecutive month of gains) and a 16.7% decline over the course of the year.

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