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February residential building approvals data surprised the market with a sharp upward move on the back of a volatile spike up in unit approvals (at least in the nationwide data). Seasonally adjusted numbers show a 19.1% m/m increase, although this still represents a 12.5% decline for the year. Looking at the preferred Trend data shows a small 0.4% m/m increase and a decline of 21.7% for the year. House approvals are now down 12.3% y/y while unit approvals have fallen 32.7% y/y.
The picture for QLD was somewhat weaker. Seasonally adjusted data showed a 3.4% m/m increase for a 34.9% decline y/y. The Trend data had a 2.0% decline for the month which equates to a 35.3% drop over the year. House approvals are down 22.3% y/y while units are down 53.6%.
The ABS will release the regional Building Approvals data on Tuesday next week at which time we will update the Conus Regional Building Approvals Trend for QLD.
We are proud to have CBC Staff Selection as supporters of the Conus/CBC Staff Selection Trend Employment and Jobseeker data series