Today’s ABS data on residential building approvals in June confirms the slow turnaround in the sector in Queensland. For the 6th consecutive month we see Trend approvals up for the month and the year-on-year decline now at its slowest rate since Sept 2016.
On the Trend basis total approvals in QLD were up 1.1% m/m for a decline of 14.7% y/y. The growth is coming from houses (up 2.2% m/m) while unit approvals remain largely stable (down 0.5% m/m).
Across the nation approvals were up just 0.1% m/m and remain down 14.9% from a year ago.