Last week we saw the data for residential Building Approvals from the ABS for May (see commentary here) which showed QLD approvals fell 14.8% y/y. Today the regional, original data from the ABS allows us to update our own Conus Trend. This shows approvals in Greater Brisbane were down 7.8% y/y in May while in the Rest of QLD the decline was much greater at 18.5% y/y and now sits at an all-time low of just 931 approvals.
The changes across the regions are very varied with Townsville enjoying a 35.6% increase (albeit from a very low base) while in the Gold Coast approvals fell by 41.9% y/y; in Cairns we saw a 12.1% y/y decline.
The complete set of 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.