QLD bucks the trend of falling building approvals with a 9% gain in July

Across the nation residential building approvals fell 8.6% m/m in July and are now up 21.5% for the year. House approvals are up 27.3% for the year while units are up 11.3%.

The only state to buck the declining pattern was Queensland where we saw a 9.0% m/m improvement which brings the year-on-year increase to 37.2%. House approvals are up 41.0% y/y while units are up 29.5% y/y.

Alex Joiner at IFM Investors (I would recommend following Alex @IFM_Economist on Twitter) has produced a handy table which I have reproduced below.

Regional data will be released by the ABS next week at which time we will update our Conus Regional Building Approvals series for Queensland.

 

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