Regional building approvals suggest a bottom may have been seen in Brisbane and the Regions

The release by the ABS of the May regional building approvals data allows us to update our own Conus Trend series. Last week we noted that there was some suggestion of a bottoming-out of the weaker Trend in Queensland (see here for details) although the Trend is still showing a decline of 29.4% y/y. Today’s regional data suggests that may also be the case in both Greater Brisbane and the Rest of Queensland.

Greater Brisbane Trend approvals in May were unchanged for the month but are now down just 28.6% y/y; the Trend was down 35.7% at the beginning of the year. In the Rest of Queenland Trend approvals edged slightly higher in May and are now down 30.5% y/y; again, this decline was as high as 35% just a few months ago. Although the ‘improvement’ may appear almosy non-existant, it does suggest that things may have reached a bottom.

When we consider the Trend data in more detail in our own area we see Cairns SA4 Trend approvals up slightly to 62 (down 48.5% y/y) while Townsville SA4 fell again to a new low of just 31 (down 40.1% y/y).

Digging even deeper and considering the Conus Trend data at the LGA level we see Cairns Regional Council (incl Douglas Shire) up to 41 (down 50.2% y/y), Cassowary Coast Regional Council up to 7 (up 9.1% y/y) and Tablelands Regional Council (incl Mareeba Shire) unchanged at 15 (down 30.8% y/y). Townsville City Council was unchanged at 27 (down 34.6% y/y).

The full Conus Trend data set for the QLD SA4 regions 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 – May 2019

 

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