This morning we saw the release of the ABS original regional building approvals data for June. As always, we need to consider this volatile series in light of the Conus Trend to make much sense of it.
In the SA4 regions of Cairns and Townsville there was little to get excited about. The Conus Trend for residential approvals in Cairns in June rose slightly to 81, but only after May was revised down from 86 to 80. In Townsville the Conus Trend remained stable at 79, although May was revised down from 86.
As we noted last week (see here), the tide for approvals appears to have turned somewhat in Queensland in recent months but analysis of the Conus Trend data shows us that the improvement is all coming in Greater Brisbane with the Rest of Queensland stable at best. In the past 6 months Trend approvals in Greater Brisbane are up 28% to 2,055 while in the Rest of Queensland they have fallen 4% to 1,486.
Within the Greater Brisbane area hot-spots in the past 6 months have been Brisbane-West (+82%), Brisbane-Inner City (+118%), Moreton Bay-North (+34%) and Moreton Bay-South (+45%).
Looking at the Local Government Areas in the Far North we see the Cairns Regional Council (incl Douglas Shire) area Trend at 57 (unchanged from an upwardly revised May); Cassowary Coast Regional Council Trend stable at 5 (after May was revised down from 6); Tablelands Regional Council (incl Mareeba Shire) Trend unchanged at 18. To our south Townsville City Council Trend came in at 69 (down from 71 in May which was itself revised down from 75).
The full set of Conus Trend data for the SA4 areas in QLD is available for download below. Please feel free to use this data (for non-commercial purposes) but we appreciate you acknowledging Conus when you do so.