Regional Building Approvals; no joy for the North

The release of the regional building approvals data by the ABS today allows us to update our Conus Trend series for the SA4 and Local Govt Areas.

What we find is a story of slightly weaker, but generally stable, approvals in the North. The Cairns SA4 region sees Trend approvals stable at 77 after June was revised down from 80. Townsville SA4 falls slightly to 79 after June was revised up from 78 to 80. The picture at the LGA level is similar.

Cairns Regional Council (incl. Douglas Shire) fell to 53 after June was revised down from 56 to 54. Cassowary Coast Regional Council was stable at 6 after June was revised up from 5, Tablelands Regional Council (incl Mareeba Shire) was stable at 18 and Townsville City Council was also stable at 72, although June was revised up from 68.

The full Conus Trend data set is available for download below. Please feel free to use this data (for non-commercial use) but we would appreciate yoy acknowledging Conus when you do so.

Conus Trend Regional Building Approvals QLD – Jul 2017

No sign of improvement in Far North Building Approvals

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.

Conus Trend Building Approvals QLD – June 2017

 

Building Approvals data shows the tide is turning in QLD

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.

Regional Building Approvals data shows some improvement in the North

The ABS released their regional (unadjusted) building approvals data this morning for May; we have constructed our own Conus Trend data and they show some improvement across the North.

When we consider the data at the SA4 level we see that the Conus Trend has Cairns approvals up to 86 (after April was revised up to 84) and Townsville also up to 87 (again, April was revised higher to 85).

Across the state as a whole Trend approvals were up in Greater Brisbane, although they remain down 18.2% for the year, at 1,958. In the Rest of Queensland the Trend dipped to 1,563 and is down 14.8% for the year. Commentary on the QLD data released last week is here where we note that QLD generally did better in May; clearly that was due to improvements in Greater Brisbane rather than the regions.. 

In our own region we also see some small improvements across the Local Government Areas. The Cairns Regional Council (incl Douglas Shire) see Trend approvals edge higher to 53 (after April was revised up from 43). The Cassowary Coast Regional Council now sits at 6 (after April was revised up from 5) while the Tablelands Regional Council (incl Mareeba Shire) are now at 18 (after April was revised up from 17). To our South Townsville continues to see improvements with Trend approvals in May at 75 after April was revised up from 73.

The complete set of Conus Trends for the SA4 Regions in QLD is available for download below. Feel free to use this data (for non-commercial purposes) but we would appreciate you acknowledging Conus when you do so.

Conus Trend Regional Building Approvals QLD – May 2017

 

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.

Regional Building Approvals offer no joy to the North

Today sees the release of the April regional Building Approvals data from the ABS. As always we focus on the Conus Trend data series rather than the highly volatile original series as presented by the ABS.

Looking at the SA4 level first, we see Cairns approvals stable at a Trend of 73 after March was revised down from 77. This represents a 35.3% decline from the same time last year. In Townsville the Trend is also stable, at 79, although March was revised up from 70. The year/year change in Townsville now stands at +0.6% after the sharp declines seen last year.

When considering the split between Greater Brisbane and the Rest of Queensland we see Trend approvals in both up to six month highs, although both are still well down from their levels of a year ago ( Rest of Queensland down 10.1% and Greater Brisbane down 27.1%).

When we look at approvals across the Local Government Areas the slightly weaker picture is repeated (not surprisingly!). Cairns Regional Council (incl Douglas Shire) sees Trend approvals at 43, up from 42 in March although this was revised down from 49; this is a 46.7% decline from a year ago.

Townsville City Council Trend approvals are stable at 73 after March was revised up from 67. This represents a 1.1% decline year on year.

The Tablelands Regional Council (incl Mareeba Shire) dips to 17 from an unrevised 18 in March; a 30.4% decline for the year.

The Cassowary Coast Regional Council also dips, to 5 from an unrevised 6 in March for a 35.5% drop on the year.

The complete set of Conus Trend Regional Building Approvals data is available for download below. Please feel free to use this data (for non-commercial purposes) but we would appreciate you acknowledging Conus when you do so.

Conus Trend Regional Building Approvals QLD – Apr 2017

 

 

 

 

Units help Building Approvals improve

Data from the ABS for residential building approvals in April shows the highly volatile units sector helping to push the total higher as house approvals barely move. Total (seasonally adjusted) approvals were up 4.4% m/m for a 17.2% decline on the year. House approvals rose by just 0.8% m/m while units were up 8.9% m/m. The less volatile Trend series showed a 0.1% increase for the month with a 13.8% decline for the year.

In Queensland unit approvals leapt by 73.4% m/m (although they are still down 22.4% for the year) which saw the total up by 28.2% m/m despite house approvals continuing to fall (down 1.0% m/m and down 8.8% y/y) and down 16.6% y/y. The Trend series showed total approvals up 3.4% m/m and down 19.9% for the year.

 

Regional Building Approvals improve slightly in the North

Today saw the release of the March regional building approvals data from the ABS at both SA4 and LGA level. Following the (very) modest improvement in the Trend data at a state level last week (see here for details) we have seen a similar story emerge in the Far North.

Starting with the SA4 level data we see the Cairns Conus Trend improve to 77, after Feb was revised up from 71 to 75. Townsville fell very slightly to 70, but only after Feb was revised up from 67 to 71.

At the Local Government level we also see improvements. Cairns Regional Council (incl Douglas Shire) improved to 49 (Feb revised to 47 from 40). Tablelands Regional Council (incl Mareeba Shire) dipped to 18 (Feb revised up from 18 to 19). The Cassowary Coast Regional Council was unchanged at 6 while Townsville City Council was also unchanged at 67 (although Feb was revised up to 67 from 62).

Looking at the split across the State we see that this generally positive move in the North has occurred in the face of a somewhat weaker picture across the Rest of Queensland.

The full SA4 data set for the Conus Trend series for Queensland is available for download below. Please feel free to use this data (for non-commercial uses) but we would appreciate you acknowledging Conus when you do so.

Conus Trend Regional Building Approvals QLD – March 2017

Building Approvals disappoint, but the Trend turns positive

Today’s building approvals data for March have come in well below market expectations, although the Trends at both state and national level were positive for the month; the first time they’ve both been positive since early 2016..

March’s approvals across the nation fell by 13.4% for the month (expected down 3.9%) after an 8.9% pickup in Feb. This takes the seasonally adjusted yearly figure to a 19.9% decline. The weak numbers are on the back of weak (volatile) units data. When we consider the Trend series (which smooths out much of the volatility caused by the lumpiness of the units data) we see an increase of 0.8% for the month, year on year levels remain down 13.1%.

In Queensland seasonally adjusted approvals fell 21.3% (again on the back of weak units data) for a 37.2% decline over the year. The Trend series, however, was up 0.5% for the month but remains down 31.4% for the year. As the chart below makes clear, the sharp declines seen over recent months look as if they may be reaching a bottom; we might see some improvements in coming months.

Regional approvals will be released by the ABS next Monday at which time we will update our Conus Trend series for the SA4 regions in QLD, as well as those for our regional Local Government Areas.

Little joy for the North in the Regional Building Approvals data

We’ve only now had time to crunch the numbers for the February regional building approvals data (released while we were on holiday a few weeks ago), but it doesn’t provide any joy for the North.

Considering the SA4 regional data first, the Conus Trend series for Cairns shows a slight improvement to 71 (after Jan was revised up from 69 to 70), this is still 35.8% below the level of a year ago. In Townsville the Conus Trend fell slightly to 67 (although Jan was revised from 66 to 68).

The complete data set for the Conus Trend Regional Building Approvals at the SA4 level is available for download below. Please feel free to use this data (for non-commercial purposes) but we would appreciate you acknowledging Conus when you do so.

Conus Trend Regional Building Approvals QLD – Feb 2017

At the Local Government Area level the story is a similar one. The Townsville City Council saw approvals dip to 62 (from 63), a decline of 4.6% for the year. In Cairns Regional Council (including Douglas Shire) the Trend was stable at 40, down 47.5% for the year. The Cassowary Coast was also stable at 6 (although only after Jan was revised up from 4) but remains down 23.8% from a year earlier. The Tablelands (including Mareeba) fell to 18 (from an unrevised 19 in Jan) and is down 21.2% from a year ago.