Building Approvals slide continues

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.

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