- Telephone
- Email
Data for residential building approvals in March show the total (seasonally adjusted) across Australia was up 2.6% m/m and 14.5% up for the year. This is a traditionally volatile series (because of the impact that lumpy apartment approvals can have) so we much prefer the Trend series. Here we see approvals up 0.2% for the month and up 6.5% for the year (down from an upwardly revised 6.9% in Feb).
Queensland continues to do better than this with seasonally adjusted approvals down 0.8% m/m and +18.9% y/y (after Feb was revised significantly upwards). The Trend data shows a 2.3% m/m increase for a year on year increase of 7.5%. The good news here is that the strength is being driven by houses rather than units; house approvals are up 9.7% for the year (Trend) while units have lifted just 4.3%. Original, unadjusted data for approvals in Greater Brisbane over the year suggests a very modest (1.1%) increase on the back of strong house approvals negated by falling unit approvals.
Next week we see the release of the full regional data at which point we will release the Conus Regional Building Approvals Trend data.
We are proud to have CBC Staff Selection as supporters of the Conus/CBC Staff Selection Trend Employment and Jobseeker data series