House approvals surge in Queensland

Data released this morning by the ABS for November residential building approvals show seasonally adjusted approvals were up across the nation by 2.6% m/m and are now 15.0% higher than at the same time last year. House approvals are up 34.5% y/y while unit approvals are down 12.2%.

In Queensland we see total approvals have lifted 6.5% m/m and are now up 32.0% for the year.

When we consider the breakdown in the Queensland data we see that house approvals have lifted by 39.4% this year and the figure for November (2,478 approvals) has only been bettered once, in March 2018, since February 2008.

Regional approvals data will be released next week at which time we shall be updating the Conus Trend series.

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