Building Approvals bounce but the Trend remains downwards

Sept Building Approvals data showed a 3.3% gain on the month across the country, which still leaves things 14.1% lower for the year (seasonally adjusted). The less lumpy Trend series showed a 1.9% drop for the month and a fall of 12.9% for the year House approvals are down 6.7% for the year while units have fallen 19.5% (Trend). Total Trend approvals are at their lowest since June 2014.

Queensland saw a poor month (seasonally adjusted) with approvals down 10.5% m/m and 11.3% y/y. However, the Trend series showed a 2.3% drop for the month which results in a 7.1% decline over the year. Unlike at the national level, in the Sunshine State unit approvals remain up for the year (+9.5%) although house approvals are down 16.1% (Trend). Total Trend approvals in Queensland were at their lowest since May 2014.

Regional building approvals data will be released next week at which time we will update our Conus Trend series for Queensland SA4 areas as well as Far North LGAs.

Leave a Response

  • © Conus Business Consultancy Services 2024

    Website created by RJ New Designs