Building Approvals in the North surge

Following last week’s data November release which showed year-on-year residential building approvals up 15% nationally and 32% in Queensland today we got the regional data release from the ABS which allows us to update our regional Conus Trend series.

This showed that, although Greater Brisbane is doing better than the regions, the North performed particularly well.

Conus Trend Approvals in Greater Brisbane were up 43.3% y/y in November while in the Rest of Queensland the rise was a rather less impressive 18.5%.

Within the City it self we saw particularly strong growth in the East (+64.0%) and South (+47.4%) while Moreton Bay -South (+116.1%) and Ipswich (+59.0%) did well elsewhere.

Although the Rest of Queensland did worse than the capital this is due to the fact that the Gold Coast fell 32.4% y/y and the Sunshine Coast managed only an 8.1% lift; everywhere else in the regions posted significant gains. Few were more impressive than Cairns which registered a 92.1% lift to its highest level in almost 6 years. Townsville also moved sharply higher, up 91.1% to a 5 year high.

When we consider the data at the LGA level we see Cairns Regional Council (incl Douglas Shire) up 92.3%; Cassowary Coast Regional Council up 42.9% and Tablelands Regional Council (incl Mareeba Shire) up 124.6% to its highest level since May 2008. Townsville City Council recorded its second consecutive month of original approvals data above 100 (the first time this has happened since early 2015) and Trend approvals up 81.9%.

The full Conus Trend data set is available for download below. Please feel free to use this but kindly acknowledge Conus when you do so.

Conus Regional Building Approvals Trend QLD – Nov 2020

Conus Regional Building Approvals Trend QLD - Nov 2020

 

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