Building Approvals give back some of the huge increases at the end of last year

Residential building approvals for January reversed some of the very strong data seen at the end of last year. However, approvals still remain well above the levels seen a year ago on the back of available government support and low interest rates.

Nationwide approvals fell 19.4% for the month but remain up 19.0% year-on-year. House approvals are up 39.0% y/y while units are down 20.9%.

In Queensland total approvals fell by a third in the month but are up 18.5% y/y with house approvals up 38.9% and units down 28.8%.

Next week will see the ABS release the original regional data at which time we will update the Conus Trend series for all Queensland regions.

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