Residential building approvals data for Dec released this morning shows total Australian approvals up 10.9% m/m which brings them to 22.8% higher than a year ago. House approvals are up 55.4% y/y while units have fallen by 18.4% y/y.
In Queensland the lift is even more impressive. Total approvals were up 24.0% for the month which brings them to 83.3% up over the year. House approvals rose 61.6% y/y while units rocketed up 151.3% (albeit from very low levels last year).
The regional data will be released by the ABS next Wednesday at which time we will be updating the Conus Trend series for Queensland regions.