The strong bounce in national building approvals noted last week (which was not replicated in QLD) appears to have been a feature in Cairns during October. ABS data released this morning show total unadjusted approvals in Cairns and Douglas were 84; Townsville 168 and Cassowary Coast just 4. As always, this volatile series needs to be considered using the Conus Trend and here we see the relatively good news for Cairns continue.
The Conus Trend numbers are: Cairns, 64 (unchanged from an upwardly revised number in Sept); Townsville, 155 (down from a slightly upwardly revised 158 in Sept); Cassowary Coast, 6 (unchanged from a downwardly revised Sept).
The graph below more clearly shows the solid growth in Trend approvals that the Cairns region has enjoyed over the past two and a half years. Whether that “boom” continues now that there appears to be so much doubt surrounding the Aquis Integrated Resort remains to be seen.
The nascent recovery that had set-in in the Cassowary Coast earlier this year seems to have run out of steam and now looks like nothing more than a blip on an otherwise consistently weak trend; we will need to see some very solid numbers over coming months for that analysis to prove inaccurate.