Building Approvals do well in Sept.

Residential building approvals in September beat expectations with a 15.4% m/m increase which translates to a 8.8% y/y increase. House approvals are up 22.1% from a year ago while units are down 10.3%.

In Queensland September saw a 19.3% jump for the month (significantly better than Victoria or NSW) which means they have lifted 7.1% from a year ago with both house and unit approvals up similarly.

We will get the original regional data from the ABS next week at which time we shall update our Conus Regional Building Approvals Trend series.

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