Release of the January building approvals data from the ABS simply confirms the ongoing decline that we’ve been documenting for some time.
At the national level, despite a modest bounce in the month-on-month seasonally adjusted numbers, the Trend fell by 3.2% m/m and is now down 27.0% for the year. The decline is being led by units which are down 46.7% y/y while houses have dropped 9.5%.
At the State level we see the decline accelerating in Queensland. Trend approvals fell 3.9% m/m in the Sunshine State and are now down 35.5% for the year. In Queensland the decline in house approvals is more dramatic than in the nation as a whole and are down 22.9% for the year (units have fallen 53.2%).
Regional data will be released next week at which time we will be updating our Conus Trend series for Queensland and our Local Government Areas in the North.