After the Victorian unit led surge in approvals in February (see here for details) the market was prepared for a substantial decline in the March data. The result was rather better than expected with just a 4.0% m/m decline (seasonally adjusted). The less volatile Trend series moved back into positive territory on a year-on-year basis with a 1.0% increase; the best rate of growth since May 2018 but still only back still 25% below where we were about 4 years ago.
House approvals are down 1.8% y/y while units are now up 5.0% y/y (Trend).
Unfortunately the picture in Queensland is even less rosy. Approvals fell 3.3% m/m and 2.9% y/y (seasonally adjusted) and on Trend terms are now at their lowest level (down 7.8% y/y) since May 2012. House approvals are almost unchanged (+0.2% y/y) while units are down 24.4% y/y (Trend).
Regional approvals data will be relaesed by the ABS next week at which time we will be updating the Conus Trend series for the Queensland regions and our local LGAs in the North.