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Today saw the release of the original regional building approvals data from the ABS for July. Last week we saw QLD’s Trend approvals drop by 0.3% m/m and 1.9% y/y (see here for details). Today’s data (when seen through the lens of the Conus Trend series) shows us that those declines are coming from the regions; Greater Brisbane Trend approvals are holding up.
The Conus Trend for Greater Brisbane sat at 2,097 in July which represents a 1.0% increase for the year. In the Rest of Queensland however we see a drop for the year of 6.0% to 1,434.
When we look at the regions in more detail we see Cairns up 10.5% at 112 (the Conus Trend is still adjusting downwards after the positive impact of the Nova City approvals a few months ago); Townsville continues to collapse with Trend approvals at just 43 which is 44.9% lower than a year earlier.
We can also consider the data at a Local Govt Area level (again by way of the Conus Trend) and here we see Cairns Regional Council (incl Douglas Shire) at 81 (up 27.0% and certain to adjust lower as the Nova City effect washes through in coming months); the Cassowary Coast Regional Council at 5 (down 36.7% for the year) and the Tablelands Regional Council (incl Mareeba Shire) at 18 (down 18.6% for the year). Townsville City Council is now at just 38 Trend approvals and down 44.7% for the year.
A couple of other regions bear taking a look at. Mackay continues to recover (slowly) from the dramatic post-mining boom rally and is now at 49 Trend approvals (up 49.8% for the year) while Fitzroy continues to slide lower with no sign of a recovery taking hold; Trend approvals are at 27 which is a fall of 46.5% for the year.
The full set of Conus Trend Regional Building Approvals for QLD is available for download below. Please feel free to use this data but kindly acknowledge Conus when you do so.
Conus Trend Regional Building Approvals QLD – Jul 2018
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