Good house approvals cannot make up for falling units in QLD

The ABS data for building approvals in October were good news at a national level with (seasonally adjusted) approvals up 0.9% m/m for a 18.4% increase year-on-year. The less volatile (and preferred, given how volatile unit approvals can make this data set!) measure showed a 0.7% m/m increase and a gain of 4.2% for the year.

In Queensland the seasonally adjusted numbers were also positive (+6.1% m/m and +3.1% y/y) although the Trend is still showing declines; down 1.8% m/m and down 2.0% y/y. When we consider the breakdown in the Sunshine State we see that while housing approvals are up a Trend 12.1% y/y it is the sharp decline in units (down 21.0% y/y) that is behind the weaker data.

Regional approvals will be released next week at which time we will be updating our Conus Trend series for all the QLD SA4 regions as well as our own local LGAs.

 

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