The ABS supplemented last weeks national and state residential building approvals data with their original (unadjusted) regional data this morning. When seen through the lens of the Conus Trend the data confirms the ongoing improvement in building approvals underway in the North.
With Australia Trend approvals down 6.7% for the year to Jan and QLD similarly down 4.4% today’s data allows us to see that Greater Brisbane is falling at 5.1% while the Rest of QLD does a little better, down just 3.6%. The preponderance of non-house approvals in the Greater Brisbane region will be the main reason for the difference when we consider that house approvals across the State were up 0.6% y/y in Jan while units fell 15.5%.
In our own area we see that Cairns SA4 region Trend approvals lifted to 75 (while Dec was revised up from 70 to 74). This represents a 8.2% increase over the past year. In Townsville SA4 the recovery continues apace (albeit from a very low level) with Trend approvals lifting to 48 (with Dec revised up from 45 to 47).
The ABS original data at the Local Government Area levels, when seen by way of the Conus Trend, showed Cairns Regional Council (incl Douglas) unchanged at 56; Cassowary Coast Regional Council also unchanged at 6 and the Tablelands Regional Council (incl Mareeba) likewise unchanged at 14. All of these LGAs saw upward revisions to their Dec Trends. The Townsville City Council Trend was also unchanged at 43 (again, Dec was revised up).
The full Conus Regional Building Approvals Trend data is available for download below. Please feel free to use this data but kindly acknowledge Conus when you do so.